The Home Buyer Tax-Credit is getting more popular as we approach the Tax-Credit Deadline. As that deadline draws near, many home buyers are wondering who qualifies to get the tax credit. One common misunderstanding is that you have to be a first time home buyer…truth is, you don’t have to be a first time home buyer!
I’ve put together a simple list of basic home buyer requirements:
Home Buyer Tax-Credit Requirements
$6500 Tax Credit For ‘Repeat Buyers’:
- Must have owned and resided in your current home for 5 of the last 8 years.
- Income limits for single taxpayers is $125,000; limit is $225,000 for married taxpayers filing a joint return.
- Any Home less than $800k that will be used as a principal residence qualifies.
- Must be under contract to purchase by April 30th, 2010 and closed by June 30th, 2010.
$8000 Tax Credit For ‘First Time Home Buyers’
- All First time home buyers purchasing a new or re-sale home are eligible.
- Income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return.
- Tax credit is equal to 10% of the purchase of price of the home, up to $8000 of credit.
- Any Home less than $800k that will be used as a principal residence qualifies.
- Must be under contract to purchase by April 30th, 2010 and closed by June 30th, 2010.
For more Frequently Asked Questions, check out this site!
Looking to Buy? Find your home now!
Still don’t know if you qualify? Give me a call and I’ll walk you through it!
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