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March 2009 - Volume 12, Issue 3 - Page 3
8,000 Reasons to Buy a First Home
First-time home buyers who purchase a home before December 1, 2009 may be eligible to take
advantage of an $8,000 tax credit as part of the American Recovery and Reinvestment Act of
2009. Qualifying first-time home buyers may claim a tax credit of ten percent of the purchase
price, up to $8,000, or $4,000 for married individuals filing separately. The tax credit begins to
phase out for those whose adjusted gross income exceeds $75,000, or $150,000 for joint filers.
Buyers must purchase a home before Dec. 1, 2009 to be eligible and the credit may be claimed
on a home buyer's 2008 or 2009 tax return. Filing an amended 2008 return after purchasing a
home provides an option to buyers who wish to receive the credit sooner.
Unlike the previous $7,500 credit available to first-time buyers, the credit outlined in the
American Recovery and Reinvestment Act of 2009 does not have to be paid back as long as the
home remains the buyer's primary residence for at least 36 months after the date of purchase.
First-time buyers, for the purpose of this credit, are those who have not owned a home in three
years.
The IRS has posted a revised version of the form required to claim the credit, Form 5405, on
IRS.gov. Visit IRS.gov's first time home buyer page.
Additional Resources & Information:
Making Home Affordable Refinance and Modification Options
Ohio Housing and Finance Agency / First Time Buyer Program
U.S. Department of Housing & Urban Development
U.S. Department of Veterans Affairs / VA Home Loan Program
USDA Rural Development / Property Eligibility
National Home Management Solutions - FHA REO Property Look Up
Home Builders Assoc. of Dayton
Montgomery County Real Estate Tax Information
Greene County Auditor - Property Search
Miami County Auditor
White Fence Utility Service Locator
Credit Empowerment's Credit Coaching