You've probably heard by now that the FirstTime Home Buyer' Tax Credit has been rewritten and signed into law. If you're thinking of buying Lakeland real estate within the next few months, even if you're not a first-time home buyer, you still may qualify for the credit under this new legislation. Here are five questions to ask yourself to see if your purchase will qualify:
1. Will you be purchasing your new home before June 30, 2010? If the answer is yes, and you can sign the purchase agreement by April 30, 2010 and close by the June 30th deadline, so far you qualify.
2. Will the new home you purchase be priced at under $800,000? That's the upper limit for a home to qualify for the new tax credit.
3. Will the new home be used as your primary residence? The newly purchased home must be the homebuyer's primary residence. It cannot be a vacation home or investment property.
4. Are you going to purchase your new residence from a relative? To qualify for the tax credit, the new home cannot be purchased from a spouse or relative, such as a parent, grandparent, son or daughter.
5. If you're single, is your income $125,000 or less per year? If you're a married couple filing a joint tax return, is your annual income $225,000 or less? If it's less in either of these cases, you have this requirement covered.
6. If you are a repeat buyer, have you lived in your home for at least five of the last eight years? You should qualify for the repeat buyer credit of $6,500. If you previously owned a home, was it more than three years ago? You will qualify as a first time buyer.
If you meet all six requirements, you're probably eligible for the new tax credit, which for first-time buyers can amount to as much as $8,000 or for previous homeowners, up to $6,500, depending on the purchase price of the new home.
For those planning on taking advantage of this bonus, why not let The Boyce Team help you find the perfect house. Lakeland has much to offer homeowners and now you can move into your own home for even less. Contact Damion Boyce and let him help you find the perfect home for you.
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