{"id":18358,"date":"2008-07-30T16:33:19","date_gmt":"2008-07-30T20:33:19","guid":{"rendered":"https:\/\/louisvillehomesblog.com\/2008\/07\/30\/first-time-homebuyer-gets-tax-credit-relief\/"},"modified":"2008-07-30T16:33:19","modified_gmt":"2008-07-30T20:33:19","slug":"first-time-homebuyer-gets-tax-credit-relief","status":"publish","type":"post","link":"https:\/\/trepryor.com\/blog\/first-time-homebuyer-gets-tax-credit-relief\/","title":{"rendered":"First-time Homebuyer Gets Tax Credit Relief"},"content":{"rendered":"\n

Today, President Bush signed the recently-passed housing legislation (H.R. 3221) into law. This first-time homebuyer tax credit is now in effect. What does that mean for first-time homebuyers here in Louisville, Kentucky? I’m glad you asked!<\/p>\n\n\n\n

FEATURE<\/th>H.R. 3221 – Housing and Economic Recovery Act of 2008<\/th><\/tr>
Amount of Credit<\/strong><\/td>Ten percent of cost of home, not to exceed
$7500<\/td><\/tr>
Eligible Property<\/strong><\/td>Any single-family residence (including condos, co\u00c2\u0081]ops) that will be used as a principal residence.<\/td><\/tr>
Refundable<\/strong><\/td>Yes. Reduces income tax liability for the year of purchase. Claimed on tax return for that tax year.<\/td><\/tr>
Income Limit<\/strong><\/td>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, respectively).<\/td><\/tr>
First-time Homebuyer Only<\/strong><\/td>Yes. Purchaser (and purchaser\u00e2\u20ac\u2122s spouse) may not have owned a principal residence in 3 years previous to purchase.<\/td><\/tr>
Recapture<\/strong><\/td>Yes. Portion (6.67 % of credit) to be repaid each year for 15 years. If home sold before 15 years, then remainder of credit recaptured on sale.<\/td><\/tr>
Impact on District of Columbia Homebuyer Credit<\/strong><\/td>DC credit not available if purchaser uses this credit.<\/td><\/tr>
Effective Date<\/strong><\/td>Purchases on or after April 9, 2008<\/td><\/tr>
Termination<\/strong><\/td>July 1, 2009<\/td><\/tr>
Interaction with Alternative Minimum Tax<\/strong><\/td>Can be used against AMT, so credit will not throw individual into AMT.<\/td><\/tr><\/tbody><\/table>
Source: Greater Louisville Association of Realtors<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

Today, President Bush signed the recently-passed housing legislation (H.R. 3221) into law. This first-time homebuyer tax credit is now in effect. What does that mean for first-time homebuyers here in Louisville, Kentucky? I’m glad you asked! FEATURE H.R. 3221 – Housing and Economic Recovery Act of 2008 Amount of Credit Ten percent of cost of […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[],"footnotes":""},"categories":[678],"tags":[848],"class_list":["post-18358","post","type-post","status-publish","format-standard","hentry","category-news","tag-first-time-homebuyer-gets-tax-credit-relief","entry"],"_links":{"self":[{"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/posts\/18358","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/comments?post=18358"}],"version-history":[{"count":0,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/posts\/18358\/revisions"}],"wp:attachment":[{"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/media?parent=18358"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/categories?post=18358"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/tags?post=18358"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}