The 2009 Economic Stimulus Bill
signed into law on February 17, 2009
includes a tax credit for first time homebuyers

Up to $8,000 tax credit.
The tax credit is equal to the lesser of $8,000 or 10% of the purchase price of the home for first time homebuyers who purchase a home after January 1, 2009 and before December 1, 2009. This replaces a previous $7,500 tax credit that was scheduled to expire on July 1, 2009.

Income requirements.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 can qualify for the full tax credit.

First time buyers.
Individuals who have not owned a home in the past three years are considered first time buyers.

Residency requirements.
For homes purchased after January 1, 2009, this tax credit does not need to be repaid if the home is occupied as the buyer’s personal residence for the first three years from the date of purchase. Prior to this new legislation the former $7,500 tax credit was required to be recaptured over a period of 15 years or when the home was sold.

 

Whether you are a first time homebuyer or not, we invite you to contact us.  We'd be happy to assist you with this important transaction.  If you need to list your home to sell, we will be happy to meet with you to discuss how we will market your home and to suggest tips to help your home sell quicker. Please browse our website for listings, reports and important local real estate information.  In addition, if you have any general questions about buying or selling real estate in Ohio, please contact us as we are more than willing to help.  Sincerely, Jim Stewart, ABR, CRS Mary Lynn Hohman, ABR, GRI, FIS Remax Associates Realty (614) 899-2600 Office (614) 271-2566 Jim's cell (614) 620-9918 Mary Lynn's cell