Miami Condo First Time Home Buyer Free Tax Credit

United States Congress, in February 2009, altered the first time Miami condo and home buyer tax credit, making it $8,000.00, and eliminating the repayment requirement.   First time Miami condo and home buyers can take advantage of this primary residence tax credit through December 1, 2009.  Unless Congress votes to extend the program, buyers need to be sure to take part in the program by December 1, 2009.

According to the IRS Website:

“For 2009 Home Purchases
The American Recovery and Reinvestment Act of 2009 expanded the first-time homebuyer credit by increasing the credit amount to $8,000 for purchases made in 2009 before Dec. 1.

For home purchased in 2009, the credit does not have to be paid back unless the home ceases to be the taxpayer’s main residence within a three-year period following the purchase.

First-time homebuyers who purchase a home in 2009 can claim the credit on either a 2008 tax return, due April 15, 2009, or a 2009 tax return, due April 15, 2010. The credit may not be claimed before the closing date. But, if the closing occurs after April 15, 2009, a taxpayer can still claim it on a 2008 tax return by requesting an extension of time to file or by filing an amended return. News release 2009-27 has more information on these options.“

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