The American Recovery and Reinvestment Act of 2009
First Time Homebuyer Tax Credit
Fact Sheet
First Time Homebuyer Tax Credit General Information
· Your modified adjusted gross income cannot exceed $75,000 for an unmarried person, $150,000 for persons married filing jointly
· The credit is the smaller of:
1. $8,000 OR
2. 10% of the purchase price of the home
· No repayment of credit if home is occupied as your main home for at least 36 months beginning on the date you begin to occupy the home
· You must close on the home on or before November 30, 2009
· Lenders will verify that you have no unsettled IRS obligations, unpaid (delinquent) student loans or other obligations that could be offset against the credit
· Nonresident aliens are not eligible
· If the property is acquired through a gift, inheritance or from a related person, you are not eligible for the tax credit
· You cannot have owned a primary home in the past three years
Eligible tax payers may utilize the First Time Homebuyer Tax Credit in one of the following ways:
2009 IRS Tax Credit
This tax credit option does not require County assistance. Once you have purchased the home your tax preparer can amend your 2008 Federal Tax return or you can wait to apply for the tax credit when you file your 2009 Federal tax return. You will need to provide your tax preparer the property address and the date you acquired it.
FLHOP
This is a tax credit advance option. The Florida Homebuyer Opportunity Program (FLHOP) is a program in which the County will advance the $8K or 10% of the contract sales price, whichever is lowest. This program requires you to apply for the tax credit and reimburse the County within 18 months of purchasing your home. Up front tax credit funds allow you to use them towards the down payment and/or closing costs. This program is not currently available. We anticipate it being available in September 2009 and funds will be distributed on a first come, first served, first qualified basis. Program information and instructions will be posted on our website when available www.broward.org/housing
How To Get Started
1. Please contact your tax preparer or the Internal Revenue Service (IRS) for assistance in determining if you meet the eligibility criteria for the First Time Homebuyer Tax Credit. Please do not contact a lender unless you are determined to be eligible for this credit.
2. If you are eligible for the credit, please contact a lender from the list of our Registered Lenders. The list is available on our website, www.broward.org/housing under Lender Services as well as the home page.
Disclaimer - Taxpayers should contact their tax preparer or visit http://www.irs.gov for up to date information and eligibility requirements regarding this tax credit.
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