The Mortgage Guru

The Treasury Department has implemented the Homebuyer Tax Credit which falls under the American Recovery and Reinvestment Act of 2009, or the stimulus act. The Treasury Department and Internal Revenue Service managing the Homebuyer Tax Credit says forms and regulations are in place and available at website www.irs.gov and the form number is 5405.

Here are the finer points of the Homebuyer Tax Credit:

• Available to homebuyers purchasing a home before December 1, 2009 (you may claim this credit on your 2009 returns or immediately on your 2008 tax returns due in April)
• tax credit is equal to 10% of the purchase price of the home up to a maximum $8,000 or $4,000 for mairried taxpayers filing separate returns. (the tax credit does not have to be repaid by the borrower unless you sell your home in less than 36 months or if the property ceases to be your principal residence during the same 36 month period)
• this Homebuyer Tax Credit is available to first time homebuyers which is defined as one who has not owned a home for the 36 months ending on the date of purchase
• the credit is available to taxpayers with adjusted gross incomes up to $75,000 or $150,000 for married taxpayers filing jointly
• homeowners who purchased a house between April 8 and December 31, 2008 are not eligible for the new credit but are eligible for the $7500 repayable credit

For further information regarding the new Homebuyer Tax Credit contact me directly by phone at 702.526.3133 or by e-mail at mgarnes@garnesmortgage.com  I am licensed to do mortgage loans in Nevada, California and Arizona as well as 12 other states.

Thank you for reading and make it a great day!!

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