Act fast to get your home buyer tax credit

Opportunity is Knocking

The federal government is giving away money to home buyers.

Do your part. Stimulate the economy. Receive what may be a once in a lifetime income tax credit when you buy your first home or as an existing home owner, buy another home.

If you need more info, please give me a call. I can help.

Here are the details for the Home Buyer Tax Credit of 2009/2010:

Who is eligible?

What are the eligible properties to purchase?

The tax credit is for a primary residence. It may be single family, a condo , townhouse or co-op.

What are the purchase deadlines?

The new residence must be purchased between 11/7/09 and 4/30/10. This means buyers must have a written, binding contract by 4/30/10 and close on that transaction before 7/1/10.

How much is the tax credit?

The credit is based on two factors: home price and buyer income

The price of the new home must be less than $800,000

The buyers’ income must be less than $125,000 for single purchasers and less than $225,000 for married buyers.

Purchasers with income over this level may still be eligible for a partial tax credit.

(NOTE: this is a change in income limits from the 2009 First Time home Buyer Tax Credit  for home purchases from 1/1/09  to 11/6/09.)

Does the credit need to be repaid?

Not if the buyer occupies the home for 3 years or more. If you sell the property before the 3 year period is up, you must repay the full tax credit at the time of sale.

Still have more questions? Check out http://www.federalhousingtaxcredit.com/