La Quinta Real Estate Blog

A tax credit is available for first-time home-buyers under the American Recovery and Reinvestment Act of  2009.  You may qualify!

If you buy a home between January 1, 2009 and November 30, 2009, you may be eligible to receive a tax credit for 10% of the purchase price of your home up to $8,000.

Program highlights include:

• Any individual, and if married their spouse, who has had no ownership interest in a home during the last three years is eligible.
• Full credit for single taxpayers with incomes up to $75,000 or $150,000 on a joint return; partial credit for incomes up to $95,000 or $170,000 joint return.
• Applies to the purchase of a single family home, including condos, townhomes etc.. that will be used as a principal address.
• Homebuyers may be able to reduce, or even eliminate, their income tax liability for the year of purchase by claiming the credit on their tax return - consult your tax advisor for more details.
• If the home is sold before 3 years, the first time homebuyer, who is now the seller, must pay the IRS the entire amount of the tax credit at closing.

Contact our in-house lender, Ed Lotstein with First Capital Mortgage for more details on this program at 760-771-5454 and if you are looking for a home to buy, contact Susan Laxson at 760-567-9100.

To view all the developments in La Quinta, including the private golf clubs and PGA West, visit our website at www.LQ-Homes.com.  To view homes in a specific development, click on the "For Sale" button to view all available properties anytime.  Contact us at 760-567-9100, we are here to help you find the desert home of your dreams!

Copyright © 2009 Susan Laxson. All Rights Reserved. "First Time Homebuyer Tax Credit - Do you qualify?".  Information from sources deemed reliable, but not guaranteed.