Buy house, get money Time is running out for the homebuyer tax credit!
The facts about tax credits
Homes must be under a binding contract for purchase by April 30, with closing completed by June 30.
With just two months to go until the expiration date, relatively few buyers are stepping forward to take advantage of it. I have only had one client in Franklin, NC who has applied for it. I was amazed she didn't even know much about it. Many people simply might not realize the opportunity is there or that it's short-lived. I bet there are even more peope that do not know you do not have to be a first time home buyer.
Who is eligible for the tax credits?
First-time buyers are eligible for up to $8,000, depending on income. Existing-home buyers must have lived in their home for at least five years to qualify for up to $6,500. The income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return.
How do I receive the money?
The money is in the form of a credit that can be applied to last year’s or this year’s federal tax return and will result in a refund if the credit is greater than your tax liability. If you have already filed the 2009 tax return, you can still claim the money by filing an amended return.
When does the credits end?
The deadline applies to both first-time and repeat home buyers. Again, homes must be under a binding contract for purchase by April 30, with closing completed by June 30.
Comments(3)