This was updated November 6, 2009, for the new legislation. The new legislation extends and expands the first-time homebuyer credit allowed by previous Acts. The new law:

• extends deadlines for purchasing and closing on a home
• authorizes the credit for long-time homeowners buying a replacement principal residence
• raises the income limitations for homeowners claiming the credit
• This page will be reviewed and revised as appropriate soon based on the new legislation.

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

The credit will be claimed on a tax return to reduce the purchaser’s income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check. For example, a $2,000 tax bill could become a $6,000 tax refund!

Who Qualifies?

First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?

The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:

• The price of the home-the credit is equal to 10% of the purchase price of the home, up to $8,000.
• The buyer’s income-single buyers with incomes up to $75,000 and married couples with incomes up to $150,000 may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income-over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

$8,000 Tax Credit Resources

More Information from the IRS  -  http://www.irs.gov/newsroom/article/0,,id=204671,00.html

First-Time Homebuyer Tax Credit Brochure (PDF)

Flagler County Florida located half-way between St. Augustine, and Daytona Beach Florida, with the biggest city being Palm Coast Florida.  Take a look .. it is a great place to live on the wonderful east coast of Florida.

Palm Coast Florida

Cinnamon Beach is located within Ocean Hammock® near Palm Coast Fl,
a premier, master-planned coastal community nestled between the Atlantic Ocean and the Jack Nicklaus Signature Golf Course just north of Flagler Beach Florida and about 20 mins south of Saint Augustine Florida.  A Great Place To Live, Work, and Play!  

Secluded neighborhoods are set among the wind-swept dunes at the ocean’s edge and clustered around the fairways and waterways of the golf course. Each distinct neighborhood village reflects the charming history of coastal living with relaxed elegance. Ocean Hammock is adjacent to a 320-acre preserve that has miles of hiking and biking paths. Ocean Hammock is the ultimate seaside retreat. Its home to pelicans gliding offshore, whales and dolphins playing in the waves, and sandpipers playing along with the tides.  

Your link to Cinnamon Beach listings:  http://www.discoverpalmcoastflorida.com/Cinnamon_Beach/page_1993459.html

Give me a call if you have any questions!

Talk to you soon!

Vi Vincent
Realtor
386-931-6277
Realty Exchange