Las Vegas first-time homebuyer tax credit
Federal tax credit provides opportunity for Las Vegas first-time homebuyers.
There’s good news for Las Vegas first-time homebuyers. The new tax credit may mean new buying opportunities for qualified Las Vegas homebuyers. Effective January 1, 2009, qualified first-time Las Vegas homebuyers may be eligible for a federal tax credit of up to $8,000. Ask your tax advisor for more details. Below are some of the key highlights of the program:
• For first-time Las Vegas homebuyers only. Qualifying Las Vegas homebuyers have not owned a principal residenceb during the three-year period prior to the purchase.
• Amount of tax credit. The credit equals 10 percent of the home’s purchase price, up to a maximum of $8,000, whichever is less.
• No repayment required. Unlike the previous tax credit, this tax credit does not have to be repaid, but Las Vegas homebuyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount.
• Tax credit is refundable. This means that the homebuyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. A refund check may be issued to the taxpayer for a portion or even all of the refundable tax credit (depending on the taxpayer’s tax liability).
• Income restrictions. Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. (Partial tax credits may be available for taxpayers with incomes over the above limits.)1
• 2008 tax returns. The tax credit can be claimed on 2008 federal income tax returns if the home was purchased on or after January 1, 2009.
• Limited time only. The tax credit is available for homes purchased on or after January 1, 2009, and before December 1, 2009.
Contact me today to find out how the new federal tax credit might help you move in to a new home.
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