Tax Credit for Georgia Residents Buying A HOme

Another good reason to buy a home soon!  This applies to Georgia residents.

State Senator, Bill Cowsert, was successful recently in pushing through a bill that will provide for a $3600 tax credit for anyone purchasing a home or condo for use as their primary residence over the next 6 months.  It is House bill 261.  The credit is good up to the amount of the buyer’s tax liability not to exceed $3600 and is capped at $1200 per year, i.e. if they qualify for the full $3600 tax credit they would have to spread the credit out over three years taking a $1200 credit in each year

RE: Tax Credit for Georgia Residents Buying A HOme

Hi myself  Joeschulman, excellent information written about this article, It is important to note that this tax credit is a loan amortized over fifteen years without interest. Payback is will be required annually at $500 per year starting on the 2010 tax return for Georgia first time home buyers who purchased in 2008 or when the house is sold provided there is sufficient capital gain. If the home is sold, the remaining credit amount would be due from the proceeds of the sale. If there is insufficient profit, the remaining credit payback will be forgiven. In addition, the tax credit may not be taken if the home buyer participated in any mortgage revenue bond programs such as the Georgia first time home buyer program. we need more information. Thank you

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Joeschulman

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