First Time Home Buyers Tax Credit Extended!!!
Do you Qualify?
Buyers who have not owned a principal residence during the 3 year period prior to purchase
Existing home owners who have been residing in their principal residence for at least 5 consecutive of the last 8 years and are purchasing a home to be their principal residence may be eligible for up to $6,500 tax credit.
All citizens that file their taxes are eligible
What are the Income Limits?
Home Buyers that file as single or head of household taxpayers can claim the full credit up to $8,000 for first time home buyers and up to $6,500 for repeat home buyers if their MAGI modified gross income is less than $125,000
Married couples filing jointly can have a combined income of $225,000
Single or head of household tax payers who earn between $125,000 and $145,000 or married couples who earn between $225,000 and $245,000 can receive partial credit
What are the Effective dates?
The eligibility period for the tax credit is for homes purchased November 6, 2009 to May 1, 2010
Homes purchased subject to a binding sales contract signed by April 30, 2010 will qualify for the tax credit providing closing occurs prior to July 1, 2010
Is it a Refundable tax credit?
The tax credit is refundable if the amount of income taxes you owe is less than the credit amount you qualify for. You will be sent a check for the difference.
What kind of Home qualifies?
All homes including town homes and condos with a purchase price of less than $800,000 that will be used as a principal residence.
Vacation Homes and rental property do not qualify.
Please contact me with any questions or start your home search:
Allison Jones: (479) 879-1980
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