Do You Qualify For The First-Time Buyers Tax Credit?

1. First-time home buyers purchasing any kind of single family home (new or resale) are eligible for the tax credit. To qualify for the tax credit, the home purchase must occur on or after January 1, 2009 and before December 1, 2009. For purposes of the tax credit, the purchase date is when closing occurs and the title to the property transfers to the homeowner (funding).
That means you have only two months (60 days) to find a house, finalize a contract and take the 25 to 30 days to close.

2. A first-time buyer is a buyer who has not owned a principal residence during the 3-year period prior to the purchase. For married taxpayers, this includes the home-ownership history of both the home buyer and his/her spouse.

3. The tax credit is 10 percent of the home’s purchase price (maximum of $8,000).

4. The income limit for single taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a joint return.

5. The tax credit does not have to be repaid provided the buyer uses the home as his/her principal residence for at least 3 years.

Call us if you have other questions at 972-985-4747 or email us at Betty@HomesByBetty.com.