Home Buyer Seminar Presentation

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Home Buyer Seminar Presentation by Winston Law Office, Real Property Law Specialist in Minneapolis Minnesota.

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Home Buyer Seminar Presentation

  1. 1. Sponsored in part by Winston Law Office www.winstonlawoffice.com First Time Home Buyer Seminar 06/09/09
  2. 2. First Time Homebuyer Tax Credit As Modified in the American Recovery and Reinvestment Act 06/09/09
  3. 3. Application of Credit <ul><li>Effective for Purchases On or After January 1, 2009 and closed before December 1, 2009 </li></ul>06/09/09
  4. 4. Amount of Credit <ul><li>Lesser of 10 percent of </li></ul><ul><li>cost of home or </li></ul><ul><li>$8,000 </li></ul>06/09/09
  5. 5. Eligible Property <ul><li>All principal residences are eligible </li></ul><ul><li>Any single family residence (including condos, co-ops, townhomes) that will be used as a principal residence. </li></ul>06/09/09
  6. 6. Refundable <ul><li>Reduces (or can eliminate) income tax liability for the year of purchase. </li></ul><ul><li>Any unused amount of tax credit refunded to purchaser. </li></ul>06/09/09
  7. 7. Income Limit <ul><li>Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint refund). </li></ul><ul><li>Phases out above those caps </li></ul><ul><li>($95,000 and $170,000). </li></ul>06/09/09
  8. 8. First Time Homebuyer Only <ul><li>Purchaser and purchaser’s spouse, </li></ul><ul><li>may not have owned a principal residence in 3 years prior to purchase </li></ul>06/09/09
  9. 9. Repayment <ul><li>No repayment for purchases on or after January 1, 2009 and before </li></ul><ul><li>December 1, 2009 </li></ul>06/09/09
  10. 10. Recapture <ul><li>If home is sold within 3 years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009. </li></ul>06/09/09
  11. 11. Effective Date <ul><li>January 1, 2009 </li></ul>06/09/09 Termination Date <ul><li>December 1, 2009 </li></ul>

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