Don't miss out on the first-time homebuyer tax credit of $8,000! Eligible buyers must complete their purchase before December 1, 2009...that's right, the tax credit expires on November 30th not December 31st.
You can claim the credit ($8000 or 10% of purchase price, whichever is less) if you are a first-time homebuyer. You are considered a first-time homebuyer if:
· You purchased your main home in 2009 before December 1, 2009
· You (and your spouse if married) did not own any other main home in the previous 3 years.
· Your income is not more than $75,000 ($150,000 if married filing jointly)
· For incomes over these limits up to $95,000 ($170,000 married filing jointly), you may get a partial credit.
· Credit does not have to be repaid provided that you live in your new home as your main home for 3 full years after the purchase date.
Who cannot claim the credit?
· You cannot claim the credit if your income is $95,000 or more ($170,000 married filing jointly).
· You are a nonresident alien.
· You acquired your home by gift or inheritance.
· You acquired your home from a related person.
· Your home is located outside of the United States.
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