Atlanta Homebuyers $9,800.00 TAX Credit: How the $1,800 Georgia Tax Credit Works. Part 4 in a series
Atlanta Homebuyers $9,800.00 TAX Credit: Who Qualifies? Part 1 in a series
Atlanta Homebuyers $9,800.00 TAX Credit: How the FEDERAL Tax Credit Works? Part 2 in a series
Atlanta Homebuyers $9,800.00 TAX Credit: Use the $8,000 Federal Tax Credit RIGHT NOW as an FHA Down Payment OR GET A TAX REFUND! Part 3 in a series
Atlanta Homebuyers $9,800.00 TAX Credit: How the $1,800 Georgia Tax Credit Works. Part 4 in a series
In addition to the $8,000 Federal Tax credit, many Georgia Home Buyers will qualify for an additional $1,800 tax credit offered by the State of Georgia in House Bill 261. The tax credit works as follows
1. NOT limited to first time homebuyers. ALL homebuyers can qualify if the house meets the criteria below.
2. The Georgia Tax credit can be combined with the Federal Tax Credit
3. The sale must be for a single family residence (including condominium units)
4. Single family residences that qualify
- For sale prior to May 11, 2009 and still for sale
- Owner-occupied residences with respect to which the owner’s acquisition debt is in default on or before March 1, 2009.
- Residences with respect to which a foreclosure event has taken place and which are owned by the mortgagor or the mortgagor’s agent.
5. The sales transaction must close on or before November 30, 2009
6. The tax credit is 1.2% of the purchase price up to a maximum of $1,800.
7. The $1,800 tax credit (or total amount you qualified for) must be claimed in one-third increments over a three year period. The maximum credit per year is $600 if you are eligible for the maximum $1,800. Any excess or unused credit may be carried forward to apply to succeeding years’ tax liability.
8. You do not have to repay the tax credit and there is not limit on how long you have to own the property.
9. There are no income limits on home buyers.
SALLY’S TAX Credit LINKS
First Time Homebuyer Tax Credit or The American Recovery and Investment Act of 2009
http://www.federalhousingtaxcredit.com/2009/faq.php
Georgia House Bill 261
http://www.legis.state.ga.us/legis/2009_10/fulltext/hb261.htm
Georgia Association of Realtors has an excellent description of the Georgia Tax Bill.
http://www.garealtor.com/GovernmentalAffairs/CurrentIssues/2009StatewideHomebuyerTaxCreditUpdate/tabid
The English Team and Sally English look forward to assisting you with your Atlanta Home Search. Contact us for excellent home buyer advice.
Call Sally English and The English Team to see homes that qualify for the Federal Tax Credit. 770-939-3174. The English Team specializes in homes convenient to Emory University and homes convenient to the Centers for Disease Control. We look forward to assisting you with your home buying or home selling needs.
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