$8000 First Time Home Buyer and $6,500 Move Up Tax Credit
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If you buy a home before June 30th 2010 you may qualify for an $8000 income tax credit. Although many people are talking about this credit, most people don’t really understand how it works.
In addition to being limited to first-time home buyers, the tax credit:
• Is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• Is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
• Does not have to be repaid.
• Has income limits of $75,000 for single taxpayers and $150,000 for married couples.
• You have not owned a house in 3 years
Be sure to contact us to find out if you qualify for the $8,000 first time home buyer tax credit on your home purchase.
Move up buyers can qualify for a $6,500 tax credit when buying a new home. Give us a call to learn more.
