Buying a home between Nov 30th 2009 and Apr 30th 2010 - could be a triple score for the homebuyer.
Moving up, downsizing, or buying that first home just became a little more attractive. Now that the first time homebuyer tax credit has been officially extended and improved, you could be in store for scoring a trifecta.
Home prices are down!
Interest rates are low!
You may qualify for a tax credit up to $8,000.00 for first time homebuyers
or up to $6,500.00 for current homeowners!
Add them up anyway you want, and if you do not qualify for the tax credit, I am confident I could find you a third (fourth, fifth, or even sixth) reason why it might be a good time for you to buy real estate.
Here is a summary of the first time homebuyers tax credit.
- Available to first time homebuyers only. If you have not owned a primary residence during the last three years prior to your purchase, you may qualify.
- The credit is 10% of the purchase price, up to a maximum of $8,000.
- The credit does not have to be repaid providing it is your primary residence for a minimum of 36 months.
- You must purchase from November 6, 2009, be under contract for a home by April 30, 2010 and close before July 1, 2010.
- Income limit for single taxpayer is up to $125,000, and up to $225,000 for married couples filing jointly.
- The homes purchase price may not exceed $800,000.00
- Must be 18 years of age at time of purchase to qualify.
For complete details visit the IRS website First Time Homebuyer Tax Credit
Here is a summary of the long-time resident tax credit.
- Available to a buyer that has owned and used the same home as a principal or primary residence for at least 5 consecutive years of an 8 year period.
- The credit is 10% of the purchase price, up to a maximum of $6,500.
- The credit does not have to be repaid providing it is your primary residence for a minimum of 36 months.
- You must purchase from November 6, 2009, be under contract for a home by April 30, 2010 and close before July 1, 2010.
- Income limit for single taxpayer is up to $125,000, and up to $225,000 for married couples filing jointly.
- The homes purchase price may not exceed $800,000.00
- Must be 18 years of age at time of purchase to qualify.
Here are the tax credit guidelines for Members of The Military and some other Federal Employees
The details of the tax credit are provided for informational purposes only. In order to determine whether or not you qualify for any of the tax credits listed above, it is recommeded that you consult a tax professional.
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