Cobb County First Time Home Buyer Tax Credit
See How The $8000 Tax Credit Can Save You Money On Your Next Cobb County Home, Condominium, Townhome or High Rise Purchase in Smyrna, Vinings or Mableton Georgia.
First Time Homes Buyers may qualify for up to $8000 in tax credits when purchasing a home in Metro Atlanta. Watch the video below for more information to get more information on guidelines and qualification requirements for the First Time Homebuyer Tax Credit.
First Time Homes Buyers may qualify for up to $8000 in tax credits when purchasing a home in Metro Atlanta. Watch the video below for more information to get more information on guidelines and qualification requirements for the First Time Homebuyer Tax Credit.
Call John at (404) 226-6091 to see if you qualify for the $8000 tax credit
or other stimulus benefits (down payment assistance) currently available to Atlanta home buyers in Fulton County, Cobb County and Dekalb County.
or other stimulus benefits (down payment assistance) currently available to Atlanta home buyers in Fulton County, Cobb County and Dekalb County.
COBB COUNTY FIRST TIME HOMEBUYER TAX CREDIT
As Modified in the American Recovery and Reinvestment Act
Major Modifications Italicized
February 2009
As Modified in the American Recovery and Reinvestment Act
Major Modifications Italicized
February 2009
FEATURE
|
CREDIT AS CREATED JULY 2008
APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER
APRIL 9, 2008
|
REVISED CREDIT -
EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1,- 2009-AND BEFORE
DECEMBER 1, 2009
|
Amount of
Credit |
Lesser of 10 percent of cost of home or
$7500 |
Maximum credit amount
increased to $8000 |
Eligible Property
|
Any single family residence (including
condos, co-ops, townhouses) that will be used as a principal residence. |
No change
All principal residences eligible. |
Refundable
|
Yes. Reduces (or can eliminate)
income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser. |
No change
Purchasers will continue to receive refund for unused amount when tax return is filed. |
Income Limit
|
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). |
No change
Same income limits continue to
apply. |
First-time
Homebuyer Only |
Yes. Purchaser (and purchaser's
spouse) may not have owned a principal residence in 3 years previous to purchase. |
No change
Still available for first-time purchasers only. Three-year rule continues to apply. |
Revenue Bond
Financing |
No credit allowed if home financed
with state/local bond funding. |
Purchasers who utilize revenue bond financing can use credit.
|
Repayment
|
Yes. Portion (6.67% of credit or $500)
to be repaid each year for 15 years, starting with 2010 tax filing. |
No repayment for purchases on
or after January 1, 2009 and before December 1, 2009 |
Recapture
|
if home sold before 15-year repayment
period ends, then outstanding balance of repayment amount recaptured on sale. |
If home is sold within three years
of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009. |
Termination
|
July 1, 2009
(But note program changes for 2009) |
December 1, 2009
|
Effective Date
|
Purchases on or after April 9, 2008 and
before January 1, 2009. Repayment to begin for 2010 tax year. |
All revisions are effective as of
January 1, 2009 |