Atlanta First Time Home Buyer Tax Credit

See How The $8000 Tax Credit Can Save You Money If You Are Buying an Atlanta Home, Condominium, Townhome or High Rise.

**Less Than 60 Days Left**
Expires 12/1/2009
Contact Us Now to Get an Additional
$8000 towards your Real Estate Purchase

Call Team Smyth at (404) 234-1196 For Additional Home Buyer Assistance
With Low Interest Rates, Down Payment Assistance and Distressed Homes Available,
Now Is a Great Time to be a First Time Home Buyer In Georgia

Get More Atlanta First Time Home Buyers Information
Georgia Dream Home Ownership Program Information

Team Smyth can get you started on the pre-approval process and finding your next Atlanta Dream Home.
Click Here to start the Home Buying Process or Click Here to Start Your Dream Home Search.



Contact Team Smyth to see if you qualify for the $8000 tax credit
or other down payment assistance programs available to first time home buyers in Atlanta. There are many other home buyer incentive programs in Fulton County, Dekalb County, Cobb County and Gwinnett County. Call us for more information on the savings and incentives in your local area if you are thinking of buying a home in Metro Atlanta.
ATLANTA FIRST-TIME HOMEBUYER TAX CREDIT
As Modified in the American Recovery and Reinvestment Act
Major Modifications Italicized
February 2009
FEATURE
CREDIT AS CREATED JULY 2008
APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER
APRIL 9, 2008
REVISED CREDIT -
EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1,- 2009-AND BEFORE
 
 DECEMBER 1, 2009
Amount of
Credit
Lesser of 10 percent of cost of home or
$7500
Maximum credit amount
increased to $8000
Eligible Property
Any single family residence (including
condos, co-ops, townhouses) that will
be used as a principal residence.
No change
All principal residences in Georgia are eligible.
Refundable
Yes. Reduces (or can eliminate)
income tax liability for the year of
purchase. Any unused amount of tax
credit refunded to purchaser.
No change
Purchasers will continue to
receive refund for unused amount
when tax return is filed.
Income Limit
Yes. Full amount of credit available for
individuals with adjusted gross income
of no more than $75,000 ($150,000 on
a joint return). Phases out above
those caps ($95,000 and $170,000).
 
No change
Same income limits continue to
apply.
First-time
Homebuyer
Only
Yes. Purchaser (and purchaser's
spouse) may not have owned a
principal residence in 3 years previous
to purchase.
No change
Still available for first-time
purchasers only. Three-year rule
continues to apply for Home Purchases.
Revenue Bond
Financing
No credit allowed if home financed
with state/local bond funding.
Purchasers who utilize revenue bond financing can use credit.
Repayment
Yes. Portion (6.67% of credit or $500)
to be repaid each year for 15 years,
starting with 2010 tax filing.
No repayment for purchases on
or after January 1, 2009 and
before December 1, 2009
Recapture
if home sold before 15-year repayment
period ends, then outstanding balance
of repayment amount recaptured on
sale.
If home is sold within three years
of purchase, entire amount of
credit is recaptured on sale.
Applies only to homes purchased
in 2009.
Termination
July 1, 2009
(But note program changes for 2009)
December 1, 2009
Effective Date
Purchases on or after April 9, 2008 and
before January 1, 2009. Repayment to
begin for 2010 tax year.
All revisions are effective as of
January 1, 2009