Welcome    Buyer Plan    Seller Plan    First Time Buyer    Relocation    Agency Disclosure        JOHN & ED JOHN LYNCH (617) 755-8465 John@Dwell360.com EDWARD JOHNSTON (617) 762-4059 Ed@Dwell360.com JOHNSTON | LYNCH GROUP AT DWELL360 First Time Buyer When you buy a home it should be an exciting and fun time. However, the process can sometimes be overwhelming and stressful. We understand the stress that homebuyers will encounter and will help our buyers move through any challenges that dace them. We listen and help you address each issue during the entire process as your buyer’s agent. We will be your guide. We work for you and we will work hard. Throughout the entire process we remain proactive in keeping your transaction on track. There is never a question you can’t ask. FIRST TIME HOME BUYER TAX CREDIT, 2009 What’s this new homebuyer tax incentive for 2009? The 2008 $7500, repayable credit is increased to $8000 and the repayment feature is eliminated for 2009 purchasers. Any home that is purchased for $80,000 or more qualifies for the full $8000 amount. If the house costs less than $80,000, the credit will be 10% of the cost. Thus, if an individual purchased a home for $75,000, the credit would be $7500. It is available for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. Who is eligible? Only first-time homebuyers are eligible. A person is considered a first-time buyer if he/she has not had any ownership interest in a home in the three years previous to the day of the 2009 purchase. How does a tax credit work? Every dollar of a tax credit reduces income taxes by a dollar. Credits are claimed on an individual’s income tax return. Thus, a qualified purchaser would figure out all the income items and exemptions and make all the calculations required to figure out his/her total tax due. Then, once the total tax owed has been computed, tax credits are applied to reduce the total tax bill. So, if before taking any credits on a tax return a person has total tax liability of $9500, an $8000 credit would wipe out all but $1500 of the tax due. ($9,500 - $8000 = $1500) For more details, frequently asked questions and examples download this PDF. First Time Buyer Tax Credit Guide LOCAL RESOURCES FOR FIRST TIME HOME BUYERS City’s and towns in the metropolitan Boston have first time home buyer programs. Learn more about each towns programs, seminars, or educational events. Boston, Cambridge, Newton, Somerville, Brookline Massachusetts Division of Housing & Community Development State information for First Time Home Buyers U.S. Department of Housing and Urban Development “HUD” Their section on buying a home Internal Revenue Service Tax information for First Time homebuyers. Our team has helped clients buy home in the Massachusetts communities of: Arlington Back Bay Belmont City of Boston Brookline Cambridge Chestnut Hill Davis Square Natick Needham Newton Norwood South End Sudbury Waltham Watertown Wayland Wellesley West Roxbury Westwood Search these and other towns here.

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