Homebuyer Tax Credit
Grab Your Tax Credit…
$8,000 First-Time Homebuyer or $6,500 Existing Home Owner
Good News! The $8,000 tax credit for first-time homebuyers has been extended. First-time homebuyer’s who enter into a sales contract to purchase a home by April 30, 2010 and close by June 30, 2010, are eligible to receive a Tax Credit amount of 10% of the purchase price up to $8,000.
To qualify you must:
- Not have owned a home in the prior 3 years
- Be at least 18 years old
- Use the new home as a primary residence
- Keep the home for 3 years
- Overseas military personnel can get the credit until May 2011
Expanded $6,500 Tax Credit for Existing Home Owners
If you are an existing home owner who has owned a home for the past five consecutive years and want to purchase a new home, you may be eligible for the $6,500 Tax Credit. To qualify, you need to enter into a sales contract to purchase a new primary residence by April 30, 2010 and close by June 30, 2010.
Who Qualifies?
Both tax credits begin phasing out for couples with incomes above $225,000 and single filers with incomes above $125,000. You must purchase a primary residence for the price of less than or equal to $800,000.
The dollar-for-dollar tax credit means if you owe $8,000 in income taxes and you qualify for an $8,000 tax credit, you would owe nothing. And, it is fully refundable because it will be paid if you owe no taxes or your tax credit is more than your owed taxes.
Don’t leave money on the table, ACT NOW. If you’re ready to purchase your first home or buy a new home, I can help you find the perfect home and get that tax credit. Give me a call today at 601-942-3392 or email Paula@PaulaRicks.com.
