Congress extended the legislation which gives first-time homebuyers up to an $8000 tax credit. They also passed legislation establishing a tax credit of up to $6,500 for qualified move-up/repeat home buyers If you’ve been waiting on the sidelines, I cannot stress enough the value of this tax credit. Now is the time to act. Let me help you find your place.
Highlights of the Home Buyer Tax Credit
- Home must be purchased between 1/1/09 and 4/30/09.
- First-time home buyers are defined as those who have not owned a principal residence in the last three years.
- The tax credit DOES NOT have to be repaid.
- The tax credit is equal to 10% of the home’s purchase price up to a maximum of $8000.
- To qualify for the full tax credit, you must meet the following income requirements: single taxpayers with incomes no greater than $75,000 and married couples with incomes no greater than $150,000.-For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.
If you have any questions about the First Time Home Buyer Tax Credit - I will be happy to talk to you.