Salt Lake City (PRWEB) February 24, 2009
Garbett Homes is a leader in new home construction and has built over 2,500 townhomes in Utah and apartments in more than 20 communities. Garbett Homes has won multiple "Community of the Year" awards issued by the Home Builders Association. Garbett Homes Utah home builders is currently selling homes in communities in Utah, Wyoming, Missouri and Mexico City.
The House and the Senate passed the American Recovery and Reinvestment Act of 2009 which includes an $8,000 tax credit available for first time home-buyers.
Highlights of the $8,000 Tax Credit Include:
- Available only to first-time home buyers
- Available only between Jan 1, 2009 - Dec 1, 2009
- Does not require repayment
- Is claimed on a tax return and reduces your tax liability. If your credit is more than your tax liability, your unused credit will be issued as a check to you
Who is Eligible
The law defines a first-time home buyer as a buyer who has not owned a home during the past three years. All U.S. citizens who file taxes are eligible to participate in the program.
Home buyers who file as single or head-of-household taxpayers can claim the full $8,000 credit if their modified adjusted gross income (MAGI) is less than $75,000. For married couples filing a joint return, the income limit doubles to $150,000.
Effective Dates for the Tax Credit
First-time home buyers would receive a $8,000 tax credit for the purchase of any home on or after January 1, 2009 and before December 1, 2009. To qualify, you must actually close on the sale of the home during this period.
Tax Credit is Refundable
A refundable credit means that if you pay less than $8,000 in federal income taxes, then the government will write you a check for the difference. For example, if you owe $5,000 in federal income taxes, you would pay nothing to the IRS and receive a $3,000 payment from the government. If you are due to receive a $1,000 tax refund from the government, your refund would grow to $9,500 ($1,000 plus $8,000 from the home buyer tax credit). Buyers can take the tax credit in their 2008 or 2009 tax return.
Types of Homes that Qualify for the Tax Credit
All homes, whether single-family, townhomes or condominium apartments will qualify, provided that the home will be used as a principal residence and the buyer has not owned a home in the prior three years. This also includes newly-constructed homes.
Garbett Homes has been building, marketing and selling award winning communities for over 20 years. Our experience and longevity are only surpassed by our desire to impress each home buyer or renter with the best possible experience. With Garbett Homes, you'll feel at home the moment you walk in the front door. We are proud to build affordable homes with style and class. We strive to offer you the most up-to-date technology and design available. In short, we're convinced you'll find comfort in your new Garbett Home. For more information on Utah townhomes for sale please visit http://www.garbetthomes.com
For more details on the tax credit, go to http://www.federalhousingtaxcredit.com