Federal and Ga Tax toll - How Do They Differ?

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In an exertion to cut the excessive list of homes, the federal government and some local governments have put overwhelming incentives in place to encourage buyers to buy homes now. In this article, we will discuss the ,000 Federal tax incentive and the ,800 Georgia tax incentive. There are some similarities, but there are differences that need to be pointed out for the Georgia home buyer.

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How is Federal and Ga Tax toll - How Do They Differ?

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00 Federal Tax Credit

1. Tax Incentive: Homes purchased for ,000 or more are eligible for the full ,000 credit. Homes that cost less than ,000, will be eligible for 10% of the buy price. So a home that cost ,000 will be eligible for up to ,000.

2. Eligibility: First time homebuyers, or anything who has not owned a home in the past 3 years, are eligible.

3. Revenue Restrictions: Individuals filing as particular or Head of Household can not make more than ,000. Married couples filing jointly can not exceed 0,000.

4. Tax Benefit: Dollar for dollar, the tax credit will cut Revenue taxes. In other words, toll are applied to cut the total tax bill after all exemptions and deductions are calculated. The other benefit is that the tax credit is refundable. This means that if the purchaser's tax liability is ,000, and they receive the full 00 credit, they will receive a reimbursement check from the Irs for 00.

5. Repayment: There is no reimbursement for the 2009 federal tax credit, as long as the homeowner keeps the asset as a necessary house for at least 3 years.

6. Deadline: Houses must close by November 30, 2009 in order to be eligible.

7. Application: There is no application or approval process. The homeowner would just claim the credit on their 1040 tax return. The credit will show on a new form 5405. This form is ready on http://www.irs.gov/.

8. 2008 Amended Tax Return: Home buyers do not have to wait until 2009 to file the tax credit. If the home buyer filed 2008 taxes, he can file an amended return and receive a reimbursement from the Irs.

Georgia 00 Tax Credit

1. Tax Incentive: The Ga tax credit is 1.2% of the buy price. Maximum estimate is 00. A home that cost ,0000 will receive a 0 tax credit. A 0,000 will receive the full 00 tax credit.

2. Eligibility: everyone who purchases a particular house home is eligible.

3. Revenue Restrictions: None

4. Combining Federal and State: The Ga state and Federal tax toll Can be combined.

5. Repayment: None

6. Eligible Homes: Only particular house residences listed prior to May 11, 2009 are eligible.

7. Deadline: Only buyers that close on a particular house house between June 1, 2009 and November 30, 2009 are eligible.

8. Tax Returns: The total estimate of the home buyer's tax credit must be claimed in 1/3 increments over a three year period. So, if the home buyer receives the full 00, year one he can claim 0 on his state taxes. Year 2 and year 3 would each be 0.

9. 2008 Amended Tax Return: The credit can not be applied to former tax returns.

10. Investments or 2nd homes: All particular house residences, even investment properties and 2nd homes are eligible. However, the tax credit can only be claimed once per home buyer.

As you can see, the government is trying to do their part to help cut the home inventory. For those finding to buy, the time is now! This is undoubtedly free money. With the great bargains, low interest rates, and tax incentives, you have no excuse. Call a realtor today and get the ball rolling. November 30th is approaching fast.

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