Tax Credits Provide Outstanding Opportunities for Home Buyers
The $8,000 first-time homebuyer tax credit is extended
- Now, qualified first-time home buyers would receive their $8,000 tax credit if they sign a purchase contract by April 30, 2010 and close by June 30, 2010
- The home purchased must be their primary residence
- Buyer cannot have owned a home during the past three years
- Tax credit is up to 10 percent of the home's value (not to exceed $8,000)
- Annual income caps to qualify for the tax credit will increase ($125,000 for single filers / $225,000 for joint filers). Partial tax credit can be granted for incomes up to $145,000 for single filers / $245,000 for joint filers
New $6,500 tax credit for current homeowners purchasing a primary residence
- Eligible home buyers must have lived in their current home for five consecutive years of the past eight years
- The new home's cost need not exceed the current home
- Eligible for homes with purchase agreements written by April 30, 2010 and that close between Nov. 6, 2009 and June 30, 2010
- Annual income caps to qualify for the tax credit will increase ($125,000 for single filers / $225,000 for joint filers). Partial tax credit can be granted for incomes up to $145,000 for single filers / $245,000 for joint filers
For further information about eligibility requirements and limitations, visit www.irs.gov or www.FederalHousingTaxCredit.com.
Contact a HUFF Realty agent today to help get you started.
This information is deemed reliable, but is not guaranteed. Consult a tax advisor for details about your specific situation. This information is not intended to provide legal advice, tax advice, accounting services, or investment advice, nor should it be relied on for legal advice. Please seek the advice of your own legal counsel.
