Local Area Index

Contact David Ellis

If you have any questions or need more detailed information, please feel free to contact me via phone at 435-862-9199 or fill out the form to let us know how we can help with your real estate needs.

Office Location 1224 S River Rd, Ste A-200,
St George, UT 84790
Office: 435-674-6024
Cell: 435-862-9199
Fax: 866-476-5314

$8,000 Home Buyer Tax Credit

Posted by David Ellis on Monday, March 16th, 2009 at 7:51am.

It is a great time to buy a home in St George, Utah...especially for first-time home buyers.  With the passing of the "American Recovery and Reinvestment Act of 2009", first-time home buyers are now eligible for a $8,000 tax credit.  How does this tax credit work?  Here are some details:

  • Timeframe: applies to all qualified purchases on or before January 1, 2009 and before December 1, 2009.
  • Amount: credit applied is 10% of the purchase price, up to $8,000.
  • Income Limits: full amount of credit available for individuals with adjusted gross income of no more than $75,000 or for a joint return, $150,000.
  • First-time Homebuyers: the credit applies only to first-time home buyers...or in other words, purchasers who have not owned a primary residence for three years prior to purchasing.
  • Repayment: the credit DOES NOT need to be repaid.  However, if the home is sold within three years of purchase, the entire credit will be recaptured upon the sale.

Another measure that may have an impact on the St George housing market is the increase of FHA lending limits to $372,500.  There are also other tax credits available for qualified purchases of new furnaces, windows, and insulation. 

Will these factors above help stimulate a market recovery?  I have no idea...

Please note: I am not a tax professional.  For information regarding this tax credit or any other tax credit, please contact your CPA or tax preparer.


Be the first to comment on this blog entry!


Leave a Comment

My Account

Log in, to view your saved searches and add to your favorite listings.

Sign Up Here For Your FREE Account

... So You Can:

  • View detailed property information
  • Print detailed property flyers
  • Save your searches & favorite homes
  • Inquire about a private showing
  • Map individual property locations
  • Share your favorite homes with friends