besim’s posterous

Take $12,000 + Off the Total Cost of Your Brand New Home!

September 4th, 2009

$4,000 UTAH STATE HOME RUN GRANT
Highlights of the $4,000 Home Run Grant Include:

1. For newly constructed homes only.
2. You can use the $4,000 for a down payment.
3. Income limits are $75,000 per year for a single and $150,000 per year for a married couple.
4. This can be used in addition to the Federal Tax Credit of $8,000 for first time home buyers - and now buyers can also use the $8,000 for a down payment!
5. For a limited time only, you must act now.

$8,000 FEDERAL TAX CREDIT
Highlights of the $8,000 Tax Credit Include:
1. Available only to first-time home buyers
2. Available only between Jan 1, 2009 - Dec 1, 2009
3. Does not require repayment
4. Is claimed on a tax return and reduces your tax liability. If your credit is more than your tax liability, your unused credit will be issued as a check to you

Who is Eligible
The law defines a first-time home buyer as a buyer who has not owned a home during the past three years. All U.S. citizens who file taxes are eligible to participate in the program.

Income Limits
Home buyers who file as single or head-of-household taxpayers can claim the full $8,000 credit if their modified adjusted gross income (MAGI) is less than $75,000. For married couples filing a joint return, the income limit doubles to $150,000.

Effective Dates for the Tax Credit
First-time home buyers would receive a $8,000 tax credit for the purchase of any home on or after January 1, 2009 and before December 1, 2009. To qualify, you must actually close on the sale of the home during this period.

What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.