There is still time to get the home buyers tax credit. Below you will find how to claim your $8,000 First Time Home Buyer Tax Credit also don’t forget about the $6,500 tax credit for exiting owners. This may be a shameless plug but if you can or interested in buying you should really look at the benifits.
- (of course) $8,000 to you the home buyer from the IRS. Kind of cool
- Outstanding interest rates on home loans.
- Add the really low home prices and you have something that has never been around before, most likely the best time to purchase a home.
- Buy a home in areas that you never though would be affordable!
- Call Josh Groesbeck 208-353-7131 today and he can help you find financing and a home- You now have the ingredients for your home owning dreams and the time is Now so take advantage.
* The $8,000 tax credit is for first-time home buyers only. For the tax credit program, 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 unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
* 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.
The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance
* 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 unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
* 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.
Thank you for reading the real estate blog and please fee free to contact Josh Groesbeck 208-353-7131 direct for all of your real estate needs.
Be sure to visit www.homeswithjosh.com to search the Intermountain Mls and view all homes and land that are on the market. Call or email josh@homeswithjosh.com to set up appointments to see properties located in Boise, Eagle, Meridian, Nampa, Caldwel, Middleton,Star and Kuna.
Source: CNNMoney.com
