Top 10 Facts: Dane County First-Time Homebuyers Get $8,000 FREE

Posted by Jolenta Averill on Saturday, March 21st, 2009 at 10:55am.

The American Recovery and Reinvestment Act recently enacted by the United States Congress provides Dane County first-time home buyers with a $8,000 tax credit. The current legislation supercedes rules that were enacted back in the fall of 2008. Here are the top ten facts to know about the free $8,000 credit:

1. Available to Dane County first-time home buyers (a first-time home buyer is someone who has not owned real estate in the last three years).

2. Available for all principle residences including single family homes, condominiums, townhouses, and owner-occupied residential income property.

3. Home must be purchased between January 1st, 2009 and December 1st, 2009 inclusive.

4. The credit does NOT require repayment.

5. The full amount of the credit is available for individuals with an adjusted gross income of no more then $75,000 or a joint adjusted gross income of $150,000.

6. Purchasers can use low interest state and local bond funding.

7. If the home is sold within 3 years, the credit is recaptured upon the sale.

8. The credit is claimed on a tax return to reduce the purchaser's income tax liability.

9. If any credit amount remains unused, the unused amount is refunded as a check to the purchaser.

10. Did I mention there is no repayment?!

Are you a Dane County first-time home buyer interested in benefitting from the first-time homebuyers' tax credit? Give us a call. We'll be happy to answer all your questions.

Hi, and welcome to our Madison real estate blog. Whether you're a consumer, journalist or Realtor, we encourage you to share your thoughts by leaving a comment. Here you'll find relevant local and national real estate information, as well as market statistics, insight, and information about a variety of neighborhoods and real estate listings. If you'd like more information about anything in particular, please use the contact form and I'll be happy to help.

Jolenta Averill, Principal
Lake & City Homes Realty
(563) BUY-SOLD

1 Response to "Top 10 Facts: Dane County First-Time Homebuyers Get $8,000 FREE"

Mike in Dallas wrote: Great Article, but was really just checking to see if you had a do follow blog. You asked on Eric blog.

Posted on Saturday, March 21st, 2009 at 3:18pm.

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