It’s time to get off that proverbial fence and take advantage of the thousands of dollars the federal government wants to give you for becoming a homeowner.
April 30, the deadline for submitting a contract, will be here before you know it.
Let’s go over how it works:
Who is eligible?
First-time homebuyers – those that have not owned a home within the last three years
Current homeowners – those that have owned and occupied a primary residence for five consecutive years during the last eight-year period
Single taxpayers and married couples who file jointly may qualify for the full tax credit.
How much do you get?
First-time homebuyers receive 10% of the home’s purchase price up to $8,000
Current homeowners receive up to $6,500
The home you purchase cannot exceed $800,000.
What are the qualifications?
Single tax filers who earn up to $125,000 are eligible; if you earn more, but not beyond $145,000, you can receive a partial credit.
Joint tax filers who earn up to $225,000 are eligible; if you earn more, but not beyond $245,000, you can receive a partial credit.
Deadlines:
April 30, 2010 – contract must be in effect by this date
June 30, 2010 – contract must close by this date
The information herein is believed to be accurate but not warranted. Please consult a tax professional for more complete information on how the program applies to you.
Tags: Buying a Home
