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Real Estate Essentials for The Home Buyers Tax Credit!
The New Federal Home Buyer Tax Credit Program
Federal Home Buyer Tax Credit. Take avantage of this time limited program, make your move now and enjoy the savings! Here are guidelines as to who may participate in the programs and remember: Repeat buyers (current home owners or recent home ownership) are now included in this incentive! Call on The Anders Team to further review your savings! 614-527-0811 $8,000 First-time Home Buyer Tax Credit at a Glance
the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase. The tax credit does not have to be repaid. •The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000. •The tax credit applies only to homes priced at $800,000 or less. •The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify. •For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly. •For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit. •To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years. The tax credit does not have to be repaid. •The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500. •The tax credit applies only to homes priced at $800,000 or less. •The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010. •Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit. Complete information is available. Call Marty today for all the answers! 614-527-0811 |