First Time Buyer Tax Credit Details And Answers…
By now you know that congress and the president have signed off on the extension of the first time buyer tax credit. Here are all of the details laid out for you regarding what was signed off on…
- Home purchasers who are first time buyers or have not owned a home in 3 years qualify for the first time buyer tax credit of $8,000.
- Home owners who sell their existing residence of at least 5 years within the previous 8 years and purchase qualify for a $6,500 tax credit. Therefore, if you sold your home that you owned for 10 years and have rented for the last 2 years you will still qualify for the credit since you owned your home for 5 years within the last 8.
- Those who where already under contract before this bill was signed and who will settle after November 31 will still qualify.
- The new maximum sales price on a home is $800,000.
- Contracts must be written by April 30 and close by June 30.
- Income limits are… $125,000 for individuals and $225,000 for couples filing jointly.
Happy House Hunting,
jonathan bunn
All information is deemed reliable. Be sure to speak with a tax advisor to verify all information. I am not a tax advisor.
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