The Nov. 30 deadline for first-time homebuyers to qualify for a federal ($8,000.00) and Georgia ($1,800.00) tax credit means deals need to be inked soon to make it through the closing process on time.
To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the homeowner.
For more information of the Federal Home Buyers Credit, click on the link below
More information on the Fed First-time Home Buyers Credit <
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Summary of Georgia Homebuyer Tax Credit
House Bill 261 gives a credit of either $1,800 or 1.2 percent of the purchase price, whichever is less. (You can only claim one-third of the credit each year, beginning with your 2009 Georgia tax return.) The purpose of the bill is to create a stimulus for home sales, and give a boost to the Georgia real estate market.
Here is how the Georgia Homebuyer Tax Credit applies to home purchases:
1. Applies to single-family homes and condos if they are your primary residence
2. The property must have been for sale prior to May 11, 2009 and must still be for sale
3. The property must be in default on or before March 1, 2009
4. The property has already been foreclosed on and is held by the bank or mortgage company
Homes purchased between June 1 and November 30, 2009 that meet the criteria will be eligible for the tax credit.
The new Georgia Homebuyer tax credit makes for a powerful new home stimulus plan when combined with the Federal $8,000 first-time homebuyer tax credit. It is a great time to buy a home.
