I've been getting a considerable amount of inquiries from my buyers here in the Menifee and Temecula areas lately on the $8000 tax credit, so I thought I'd add a bit to my previous post to help explain the program in further detail.
WHO QUALIFIES FOR THE $8000 TAX CREDIT?
If you are a first time buyer, you qualify for this credit!!
If you have not owned a home in the past three years, you qualify for this credit!!
WHAT ARE THE INCOME LIMITS IN ORDER TO QUALIFY?
If you have an adjusted gross income of no more than $75,000 or if you are filing jointly and gross no more than $150,000, you will receive the full $8,000 credit. If you gross between $75,001 and $95,000 as an individual or $150,001 and $170,000 you receive a partial credit.
WHAT IS THE TIME PERIOD I HAVE TO BUY IN ORDER TO BENEFIT FOR THE $8000 TAX CREDIT?
In order to take advantage of this tax credit, you must purchase a home as your primary residence between January 1, 2009 and December 1, 2009.
WHAT ARE MY LIMITATIONS/CRITERIA WHEN PURCHASING A PROPERTY?
So this is how it works. The credit is 10% of the purchase price up to $8,000. In other words, if your home is $80,000 you receive the entire 10%. ($80,000 X 10% = $8,000). If your home is less than $80,000 you receive less than $8,000.
IMPORTANT NOTE: If you already bought a home this year and filed your taxes, you can still claim your tax credit. Simply contact your tax advisor to ammend your taxes.
If you live in the Menifee or Temecula Valley's and need more information on the tax credit, please contact me. I am happy to help with any of your questions.
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