Bought a Home? Don't Forget Your Tax Credit
Tomorrow, April 15, is the deadline for filing taxes. If you recently bought a home don't forget to see if you qualify for the tax credit. 
Home bought between January 1, 2009 and November 6, 2009
- First time home buyer (cannot have owned a home for 3 years prior to this home)
- Primary residence
- Maximum credit is $8000
- Single buyers with income up to $75,000 and married couples with incomes up to $150,000 can receive the full credit. The amount of the credit decreases as income increases, and no credit is available for incomes over $95,000 for singles and $170,000 for couples.
- The credit does not need to be repaid as long as the buyer occupies the home for at least 3 years. If the home is sold during the 3 year period, the credit must be repaid.
Home bought between November 7, 2009 and April 30, 2010
-First time home buyer OR previous home owner who used their home as their primary residence for 5 consecutive years (out of the past 8 years) 
-Primary residence
-Maximum credit is $8000 for first time home buyers and $6500 for previous home buyers
-Home price cannot exceed $800,000
-Single buyers with incomes up to $125,000 and married couples with incomes up to $225,000 can receive the full credit. The amount of credit decreases as income increases, and no credit is available for incomes over $145,000 for singles and $245,000 for couples.
- The credit does not need to be repaid as long as the buyer occupies the home for at least 3 years. If the home is sold during the 3 year period, the credit must be repaid.
Bought a Home? Don't Forget Your Tax Credit, is by Deborah Engel, Prudential California Realty, a recognized San Diego and Carmel Valley Realtor for top client satisfaction. If you'd like to learn more about Deborah, visit her website, www.PropertyByDeb.com, email her, Deb@PropertyByDeb.com, or call her at 858-829-1989.
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