Home Buyer Tax Credit

Home Buyer Tax Credit is no Longer in Effect

No matter your need, you may still qualify for the new home buyer tax credit, which is even available to those who currently own homes. The  home buyer credit is not solely for “move-up” homeowners. The phrase implies a new home must cost more than the sale price of a previous home. The homebuyer tax credit is applicable both to Bozeman homeowners moving downward in terms of cost.

The “move-down” homebuyer is pretty common, especially in the retirement market. Due to the present US economic condition, even more move-down buyers may be on the horizon. Downsizing not only pertains to cars and one’s overall lifestyle, it can pertain to real estate as well.

FIRST TIME HOME BUYER TAX CREDIT  PROGRAM

Credit Amount $8,000 ($4,000 for married spouses filing separately)
Eligible Properties Any Single Family Residence
Refundable Yes
Income Limit $125,000 single/ $225,000 married
Repayment Buyers don’t have to repay credit if owner occupied for 3 or more years
Recapture Less than 3 years entire amount/ 3-15 years remaining balance
Termination Purchase after April 30th 2010
Effective Date December 1, 2009 to April 20 2010

BOZEMAN, MONTANA REAL ESTATE REPORTS