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New Homes Georgia is providing the information on this website for general guidance only. The information on this site does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind nor should it be construed as such. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal or other competent advisors. Please check with those professionals for your particular situation or question.
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FIRST-TIME HOME BUYER FEDERAL TAX CREDIT
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$8,OOO Home Buyer Federal Tax Credit Information Guide
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The $8,000 tax credit is for first-time home buyers only. The law defines “first-time home buyer” as a buyer who has not owned a principal residence during a three-year period prior to the purchase.
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The tax credit does not have to be repaid. Unlike previous tax credits, this tax credit does not have to be repaid as long as the home buyer uses the residence as a principal residence for at least 3 years.
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The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
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The tax credit is available on any home purchased on or after January 1, 2009 and before June 30, 2010 (you must be under contract by April 30, 2010).
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Any primary residence is eligible for the tax credit including single family detached homes, townhouses & condominiums.
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The income limits for the full tax credit are single taxpayers with incomes up to $125,000 and married couples with incomes up to $250,000.
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A portion or all of the tax credit can be paid as a check to the home buyer. For example, if you owed $3000 in taxes and were eligible for the $8,000 tax credit, then the tax payer would receive a check for $5,000 ($8,000 minus the $3,000 owed). Another example is, if the home buyer was already going to receive a refund in the amount of $1,000 on their taxes, then they would now receive a check for $9,000 ($8,000 plus the $1,000 they would already be receiving).
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MOVE-UP/ REPEAT HOMEBUYER FEDERAL TAX CREDIT
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$6,500 Move-Up/Repeat Homebuyer Federal Tax Credit Information Guide
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Any current homeowner who has lived in their home for at least five consecutive years out of the last eight years is eligible for the $6,500 tax credit on the purchase of a new residence.
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The tax credit does not have to be repaid.
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The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $6,500.
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To qualify, you must sign a purchase agreement by April 30, 2010 and close on the home by June 30, 2010.
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The tax credit is only available on your primary residence.
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Any primary residence is elibible for the tax credit including single family detached homes, townhouses and condominiums.
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The income limits for the full tax credit are single taxpayers with incomes up to $125,000 and married couples with incomes up to $250,000.
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A portion or all of the tax credit can be paid as a check to the home buyer.
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In order to participate in the tax credit program you simply claim the tax credit on your Federal Income Tax Return.
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