Do you Qualify for a $8,000 Tax Credit in Utah County?

If the mortgage interest, property tax, and slew of other homeownership tax deductions weren't enough, Congress has added yet another homeownership incentive: A dollar-for-dollar tax credit of $8,000 when you purchase a home.   Buyer's continually ask me if they qualify so I thought I would post the qualifications on my blog.  Here is a brief description of the $8,000 tax credit.  

How Much is the Housing Tax Credit for Utah Buyers?

Ten percent of the cost of the home, not to exceed $8,000.  This means if the home you are buying costs $80,000 or more you get the entire $8,000.  I can't remember the last time I sold a home in Utah for less than $80,000.

Are Homes in Utah County Eligible for the Tax Credit?

Yes, Utah County homes qualify for the credit.  Home buyers (including spouses) who have not owned a principal residence in the three years prior to the purchase. Those who do not own their principal residence but own a vacation home or other property also qualify for the credit if they are purchasing a principal residence. 

                                                                    

What Types of Homes are Eligible for the $8,000 Tax Credit?

Any single-family home, town house, twin home or condominium qualify for the tax credit.  

What are the Income Limits for the Tax Credit?

Taxpayers with adjusted gross incomes of up to $75,000 for singles and $150,000 for couples qualify for the full credit. A partial credit is available to taxpayers who make more than those amounts, not to exceed $95,000 for singles and $170,000 for joint filers.  B

What are the Tax Credit Qualifying Dates?

The credit is available to those who purchase a home after Jan. 1, 2009, and before April 30, 2010.  If April 30th is passed when you read this article call Paul Teasdale 801-491-7653 for an update of any new programs or search the blog.

Is the Utah HousingTax Credit Refundable?

The credit will reduce any tax liability owed for the year. If there is excess, the money will be refunded. For example, if you owed $1,000 in taxes and used the $8,000 credit, you could receive a rebate check of $7,000.

Recapture

There is no repayment for purchases made after Jan. 1, 2009, and before April 30, 2010. However, if the home is sold before three years, the entire amount is recaptured upon the sale.

Information provided is not guaranteed.  Please check with your local Utah lender to verify all of this information.

Begin your home search at: www.UtahCountyLisitngs.com


Welcome to my Utah County Real Estate blog!  We are located  in Mapleton, Utah.  Our team combines proven traditional real estate practices and represents the leading edge in the future of real estate marketing by merging internet technologies, service, communication, information and analysis with those traditional practices to provide our clients with an exceptional real estate experience and superior marketing.

Paul Teasdale, Principal Broker
ABR, CRS, e-PRO, QSC, Finance  BYU
15 Years Experience, 800+ Homes Sold
Team Teasdale Realty, Utah County Real Estate
Phone: 801-491-7653