Massachusetts Home Buyers - The Clock is Ticking on the Home buyer Tax Credit.
The home buyer tax credit which was scheduled to expire last November, was extended and is available to all Massachusetts home buyers.
Is there still time to take advantage of it?
Absolutely - but you must look for a home as soon as possible since you will need to have your home under contract by April 30 to be able to take advantage of it.
What are the guidelines?
As a first-time home buyer, you are eligible for an $8,000 tax credit which does not have to be repaid unless the home is sold within three years if you fall within these guidelines:
- The price of the home is not more than $800,000.
- Your income level is $125,000 or less for a single taxpayer or $225,000 for a couple.
- The home is under Purchase and Sale Agreement by April 30, 2010.
- The closing takes place by June 30, 2010.
As a move-up buyer, you must have owned and lived in your current home for the past five years and also fall within rules 1-4 above.
Buying a home in any town in the Metrowest Massachusetts area? There is still time!
Copyright 2010 - Claudette Millette, Broker, Owner, The Buyers' Counsel
Find the right home for you and your family - Call Claudette - 508-881-6230.
Serving: Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough
Comments (4)Subscribe to CommentsComment