$8000 Tax Credit

By
Real Estate Agent with Keller Williams Realty Peace River Partners

$8000 First-Time Homes Buyer Tax Credit

&

$6500 Existing HomeownersTax Credit

 

 

Available to First-Time Home Buyers-Principal Residence Only. (Those who have not owned a principal

residence in the past 3 years. Vacation homes and rental property purchases are not eligible.)

For first-time home buyers, the credit is equal to 10% of the home's present value up to $8,000 or

$4000 for married individuals filing separately.

Existing homeowners (or "repeat buyers") who have lived in their principal home for 5 consecutive

years (out of the past 8 years) and are purchasing a new principal residence may be eligible for a

credit of up to $6,500 or $3,250 for married filing separately.

Available for homes purchased between November 7, 2009 and April 30, 2010. (As long as a written

binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.)

Single taxpayers or head-of household can claim the full credit if their modified adjusted gross

income is less then $125,000. Married couples filing joint returns are eligible if their combined

income is less than $225,000. Single taxpayers who earn between $135,000 and $145,000, and

married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.

Purchase price of home must be less than $800,000 to qualify.

 

 

 

 

It DOES NOT have to be paid back. (Homebuyers must use the residence as a principal residence for at least 3

years after the date of purchase or face recapture of the tax credit amount to the government.)

Purchaser must attach documentation of purchase to tax return.

If the amount of income taxes you owe is less than the credit amount you qualify for, the

government will send you a check for the difference. (Example: First-time home buyers qualifying for $8,000

credit who owes $5,000 in federal income taxes would receive a $3,000 refund. Qualified home buyers can take the tax

credit on their 2009 or 2010 income tax refund.)

Subject to credit approval and required documentation approval. Certain terms, restrictions and conditions may apply.

8,000 First-Time Home Buyer Tax Credit

Call me today to find a home!

 

 

Comments (2)

Pierre Chan
Dexter Credit Union - Providence, RI

Nicely layed out! Buyers need to know that the loans are taking a bit longer than usual due to the constant changes in lending practices and banks are bogged down with short sales! Average short sale is taking 4+ months to close!

Thanks!

Feb 09, 2010 03:27 AM
Tommy Welchman
Keller Williams Peace River Partners Realty, LLC - Punta Gorda, FL

Great blog post Vicky. Potential buyers need this information and the more informed they are the more empowered the are to purchase a property. Thanks.

Mar 09, 2010 01:47 PM