The Get Home Denver Team

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The Housing and Economic Recovery Act of 2008, includes many positives for homebuyer’s.  None greater than the $7500 in Tax Credits for First Time Buyer’s.

Here’s the Lowdown.

• Any property, including condo’s and co-op’s, that will be used as a principal residence are eligible.
• Tax liability for the year of purchase is reduced by 10% of the cost of the purchase.  Not to exceed $7500.
• Full amount of credit is available to individuals with AGI of no more than $75,000 ($150,000 for joint returns.)  Credit phases out above the caps.
• Must be a FIRST TIME HOMEBUYER.  Meaning, you can not have owned a principle residence in the 3 previous years.
• Tax will be recaptured, at 6.67% per year, for 15 years.  If sold before 15 years,the remainder of credit will be recaptured on sale.  This basically means you need to pay back the credit over 15 years.
• The credit applies to any qualified purchase between April 9, 2008 until July 1, 2009.

There you have it.  A quick breakdown.  Please contact us for more information!