NEWNAN GA REAL ESTATE - NEWNAN GA HOMES FOR SALE - NEWNAN GA FORECLOSURES

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Directly from NAR (National Association of Realtors) 2/19/09: CREDIT DETAILS: * The new Credit is an $8,000 REFUNDABLE Tax Credit (or up to 10% of the purchase price). * Refundable means that if your total tax liability in the given year is less than $8,000, the IRS will send a refund for the balance. * It can be claimed on your 2008 Tax Return (to be filed by 4/15/09), an amended 2008 Tax Return, or your 2009 Tax Return. * House purchased between 1/1/09 and 11/30/09. * This credit if for First-Time Home Buyers FIRST-TIME HOMEBUYER DEFINITION: * Defined as someone who owned another main home at any time during the three years prior to the date of purchase. - for example, if you bought a home on 1/15/09, you cannot take the credit for that home if you owned, or had a ownership interest in, another home at any time from 1/15/06 through 1/15/09. - So if the last time you owned a home ws 2005, you are eligible for the credit even though it is really not your "first" home. - For married joint filers, both must meet the 1st time homebuyer test to take the credit on a joint return. THE HOME: * Must be the "main home" i.e. principal residence. * The home must be located in the United States. * Vacation homes and rental properties are not eligible. * For new construction, the "purchase date" is the date you occupy the home. So the move in date must be before 12/1/09. WHO CANNOT TAKE THE CREDIT? IF ANY OF THE FOLLOWING: - Your income exceeds the phase-out range. This means joint filers with Modified Adjusted Gross Income (MAGI) of $170,000 and above and other taxpayers with MAGI of $95,000 and above. - You buy your home from a close relative; your spouse, parent, grandparent, child or grandchild. - You stop using your home as your main home. - You sell your home before the end of three years. - You are a nonresident alien. RECAPTURE-3 YEAR RESIDENCY: * If the homes sold prior to three years of ownership, the tax credit must be repaid.

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