If you’ve been thinking about buying your first home, or make your first home purchase since 3+ years ago…This is your year! With interest rates lower than 5% in many cases, and prices down – the Federal government has a temporary tax credit available for sales completed Jan. 1, 2009 through the end of December 2009. It is equal to 10% of the purchase price, with a maximum credit of $8,000.
Claim the credit on your federal tax return to reduce the tax liability or get a refund check if it exceeds your taxes owed. It’s important to know that there are guidelines regarding your income…You are eligible for the full tax credit with an adjusted gross income up to $75,000 ($150,000 if filing jointly); Up to $95,000, the tax credit is adjusted down and is not available if your income is over $95,000.
If you stay in the home a minimum of three (3) years the tax credit does not have to be repaid, however, if the home is sold prior to that, the full amount is due on the sale.
These terms apply to the Year 2009 Federal tax credit only and as always be sure to seek the advice & confirmation of these details from your tax/legal advisor.
Contact me to help you find the best home value and to explore the Tax Credit further.
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Posted by itsroz 
Posted by itsroz 
