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Qualified homebuyers have up to April 30, 2010 to purchase their primary home and avail of the federal tax credit. In cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify for the said tax credit.
The federal government has expanded the federal tax credit to include not only first-time home buyers, but also existing homeowners who meet certain qualifications.
KEY INFORMATION:
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First-time home buyers are eligible for a tax credit of up to $8,000. First-time home buyers are defined as those, including spouses if married, who have not owned a residence during the past three years. |
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Current homeowners are eligible for a tax credit of up to $6,500 if they have lived in their current home for a consecutive five out of the last eight years. Repeat home buyers are those who have owned a home for five consecutive years out of the prior eight years. |
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Income limits of $125,000 for individuals and $225,000 for married couples filing jointly apply. |
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The price of the home must not exceed the limit of $800,000. |
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Almost all housing types are eligible, including new and existing single-family homes, condominiums, manufactured or mobile homes, and boats that serve as the owner’s principal residence. Second homes and investment properties are not eligible. |
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The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after purchase.
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Act now! If you need help with buying your dream home, call us. We can help.
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