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$8000 Buyer Credit for NH real estate |
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$8000 Buyer Credit NH Home Purchase |
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$8000 First Time Buyer credit for NH Home Purchase
FIRST-TIME
HOMEBUYER TAX CREDIT
As
Modified in the American Recovery and Reinvestment Act
Major
Modifications Italicized
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February 2009
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FEATURE
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CREDIT AS CREATED JULY
2008
APPLIES TO ALL QUALIFIED
PURCHASES ON OR AFTER APRIL 9, 2008
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REVISED CREDIT -
EFFECTIVE FOR PURCHASES ON
OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
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Amount of Credit
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Lesser of 10 percent of cost
of home or $7500
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Maximum credit amount
increased to $8000
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Eligible Property
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Any single family residence
(including condos, co-ops, townhouses) that will be used as a principal
residence.
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No change
All principal residences
eligible.
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Refundable
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Yes. Reduces (or can
eliminate) income tax liability for the year of purchase. Any unused amount
of tax credit refunded to purchaser.
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No change
Purchasers will continue to
receive refund for unused amount when tax return is filed.
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Income Limit
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Yes. Full amount of credit
available for individuals with adjusted gross income of no more than $75,000
($150,000 on a joint return). Phases out above those caps ($95,000 and
$170,000).
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No change
Same income limits continue
to apply.
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First-time Homebuyer Only
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Yes. Purchaser (and
purchaser's spouse) may not have owned a principal residence in 3 years
previous to purchase.
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No change
Still available for
first-time purchasers only. Three-year rule continues to apply.
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Revenue Bond Financing
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No credit allowed if home
financed with state/local bond funding.
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Purchasers who utilize
revenue bond financing can use credit.
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Repayment
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Yes. Portion (6.67% of credit
or $500) to be repaid each year for 15 years, starting with 2010 tax filing.
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No repayment for
purchases on or after January 1, 2009 and before December 1, 2009
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Recapture
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If home sold before 15-year
repayment period ends, then outstanding balance of repayment amount
recaptured on sale.
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If home is sold within
three years of purchase, entire amount of credit is recaptured on sale.
Applies only to homes purchased in 2009.
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Termination
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July 1, 2009
(But note program changes for
2009)
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December 1, 2009
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Effective Date
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Purchases on or after April
9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year.
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All revisions are
effective as of January 1, 2009
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Bedford News
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A visual guide to house styles, although in New Hampshire NH and New England you will see more
Cape Cod, Colonial, Ranch, Split and Contemporary style homes.
In Bedford NH, homes tend to be larger and in neighborhoods of like kind colonial and contemporary colonial style homes. Of course the town also boasts some wonderful Bedford NH antique homes which are clustered around the Bedford Village center.
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Read more...
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