closing: First-Time Homebuyers Tax Credit
- 03/05/10 01:38 PM
To apply for The First-Time Homebuyers Tax Credit, a binding contract must be entered into on or before April 30, 2010, and the closing must take place before June 1st. To qualify, a single homeowner must make less than $125,000 a year and homeowners filing jointly must make less than $150,000 annually. The purchase price of the home cannot exceed $800,000. The credit allows first-time homeowners-those who have not owned a principal residence for the past three years-to claim 10% of the purchase price, up to $8,000. Additionally, in November 2009, the First Time Homebuyer Tax Credit was expanded to include (0 comments)