The First time home buyer tax credit and the moving up buyer tax credit clock is ticking. Only 17 days left to sign a contract of sale and a little over two months to close escrow. A friendly reminder, not everyone can qualify for the tax credit. The list bellow will help you determine if you qualify for the first time home buyer tax credit or the moving up buyer tax credit.
Homebuyers who have not owned a home for the past three years may earn up to $8,000 or 10% of the purchase price, whichever is lower.
Buyers who have owned a home for five consecutive years of the past eight qualify for up to $6,500 in credits.
There are income limits of $125,000 for single taxpayers and $225,000 for a couple.
Paying more than $800,000 for the home will not qualify for the credit.
There's a prohibition on claiming the first-time homebuyer credit if either member of a couple owned a home within the three-year period. They can claim the existing homebuyer credit.
The credit may be claimed on 2009 taxes, even if the return was already filed. Just submit an amended return.
Note that buyers get the full amount of the credit they're due even if that exceeds the amount of taxes they owe. If you're a first-time buyer and your total tax bill for the year is $6,000, you get all that back plus another $2,000.
Home Buying Federal Tax Credit, Heartland Village Staten Island Homes For Sale With Tax Credit, FIrst Time Home Buyer Tax Credit,
Comments(0)