Angelique Kenney - Boise and all the Treasure Valley Real Estate

                                            ⇒ Payments may be lower than rent!

                                            ⇒ Home prices are amazing!

The Treasury Department has moved at record speed to implement one piece of the new

􀂃 Forms and regulations are already in place for homebuyers who wish to claim the first-time

credit enabled under the act.

􀂃 The credit is available to first time homebuyers who purchase a home before December 1,

2009.

􀂃 Homebuyers can claim the credit either on their 2009 tax return or immediately on the 2008

return due in April.

􀂃 The tax credit represents 10 percent of the purchase price of a home up to a maximum of

$8,000 or $4,000 for married taxpayers filing separate returns.

􀂃 The $7,500 credit that was authorized under earlier legislation last year was actually a 15

year loan; the new tax credit does not have to be repaid by the homeowner under ordinary

circumstances.

􀂃 The credit does have to be repaid if the homeowner sells the home in less than 36 months

or if the home ceases to be his principal residence during that time.

􀂃 For the purpose of this credit, a first time homeowner is defined as one who has not

owned a home for the 36 months ending on the date of purchase.

􀂃 The credit is available to taxpayers with adjusted gross incomes up to $75,000 or $150,000

for married taxpayers filing jointly. Above those income levels the credit is phased out

gradually.

􀂃 Homeowners who purchased a house between April 8 and December 31, 2008 are not

eligible for the new credit. They are covered by the earlier legislation and can claim the

$7,500 repayable credit.

􀂃 Forms and instructions for claiming the credit on 2008 tax returns are available at