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Buyer Tax Credit!

By
Real Estate Agent with Keller Williams Northeast Realty

 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.

 AZ home

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.