The recently encacted “American Recovery and Reinvestment Act of 2009,” provides an $8000 tax credit for first-time Virginia Beach home buyers. Below are the highlights of the legislation:

Important Facts To Know:  

• It is a tax credit to home buyers, not a loan as in last year’s program;

• It is only for first time home buyers, defined as someone who has not had an ownership interest in a principle residence in the 3 year period prior to the date of the 2009 purchase;

• The buyer must remain in the home for a minimum of 3 years. If not, the credit is recaptured at upon the sale of the home. 

• It is applicable to purchases between January 1, 2009 and December 1, 2009; and

• Full credit is available to those with adjusted gross income of $75,000 or less ($150,000 for married filing jointly). The credit is phased out entirely for those with adjusted gross income over $95,000 ($170,000 for married filing jointly).

If you bought a home last year under the old $7,500 tax credit rules, those rules still apply to your 2008 home purchase.
 

If you purchased a home after January 1, 2009, or are thinking of buying a Virginia Beach home this year and want to learn more about the $8,000 tax credit, give me a call or visit ButlerTeamHomes.com. We are happy to advise you as to how you can benefit from the tax credit.

Search all Virginia Beach homes for sale.