|
Where is YOUR $8,000?
Tax Credit Provides Outstanding Opportunity for Home Buyers
There has never been a better time to buy or build a new home. The House and the Senate passed the American Recovery and Reinvestment Act of 2009 which includes an $8,000 tax credit available for first time home-buyers! Congress has now extended the homebuyer tax credit as outlined below and now includes a $6,500 tax credit for those who have sold a principal residence used for 5 of the previous 8 years.
Highlights of the $8,000 Tax Credit Include:
- Available only to first-time home buyers
- Available only between Jan 1, 2009 - April 30, 2010
- Does not require repayment
- Is claimed on a tax return and reduces your tax liability. If your credit is more than your tax liability, your unused credit will be issued as a check to you
Question: How much is the credit?
Answer: The tax credit would be $8,000 or 10% of the purchase price, whichever is less.
Question: What type of purchase is eligible?
Answer: The $8,000 tax credit included in the 2009 economic stimulus plan is available for the purchase of a principal residence by first-time homebuyers.
Question: Who qualifies for the first-time homebuyer credit?
Answer: According to the IRS, any taxpayer who has not owned a home during the 3 years prior to the date of purchase can qualify as a first time homebuyer for the credit.
Highlights of the $6,500 Tax Credit Include:
-
$6,500 ($3,250 married filing separate)
-
Available to homeowners who have used a home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.
-
Contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
-
Limitaion on the cost of the puchased home is $800,000.
-
Anti-fraud Rule requires purchaser to attach documentaion of purchase to tax return
-
Income Limits include $125,000-Single to $225,000-Married
Click the link below for more information.
http://www.federalhousingtaxcredit.com/2009/faq.php
Information provided by the NAHB
http://www.federalhousingtaxcredit.com/2009/home2.html"http://www.federalhousingtaxcredit.com/2009/home2.html
A tax credit like this....
Interest rates and LOW home prices...
There has never been a better time to buy or build your first home!!!
If you have more questions, and need more answers, call us today at 208-542-9300 or e-mail to ben@rockwelldevelopment.com. We are happy to help you out!
|
