RECEIVE TAX CREDIT OF $8,000 or $6,500!
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- Congress has extended the Home Buyer Tax Credit and made changes effective November 6, 2009!
- A tax credit of up to $8,000 is now available for qualified "first time" homebuyers purchasing a principal residence.
- And a tax credit of up to $6,500 is now available for qualified "repeat" homebuyers purchasing a principal residence.
- The new Tax Credit is for home purchases November 6, 2009 through April 30, 2010, and they must close by June 30, 2010.
- This Tax Credit does not have to be repaid as long as homebuyers use the residence as a principal residence for at least three years.
- "First Time" homebuyer is defined as not having owned a principal residence during the past three years.
- "Repeat" homebuyer is defined as owned and lived in their previous home for five consecutive years out of the last eight years.
- Home purchase price must be $800,000 or less.
- Reduces income tax liability for the year of purchase. Claimed on tax return (e.g. if your tax return refund was going to be $500, your refund would be increased by the $8,000/$6,500 amount to $8,500 or $7,000).
- Income qualifications have increased: to qualify for the maximum credit, your modified adjusted gross income may not exceed $125,000 for a single person or $225,000 for a married couple.
This information is for general guidance only and is subject to change and other restrictions. Please consult with professional tax, accounting, legal, or other competent advisors.