WAKE UP! Find a home!! The First-time Home buyer Tax Credit has not only been extended, but it can now apply to current homeowners as well!
Deadline: A sales contract must be in place by April 30, 2010 - but homeowners have an additional 60 days to close.
Dollar Amount and Eligibility: Up to $8,000 for "first-time" home buyers (those who have not owned a home for 3 years prior to the purchase)
--OR --
Up to $6,500 for current homeowners who have lived in their current residence for 5 consecutive years and are purchasing their next property.
Income Cap: $125,000 (individual), $225,000 (married couples). Increases in the cap make the measure available to a broader group of clients.
Purchase Price: $800,000 or less
Repayment Requirement: Must live in the home for 3 years, or be required to repay the credit.
Documentation Required: Taxpayers must submit a copy of the HUD-1 settlement statement and IRS Form 5405 to claim either the first-time home buyer tax credit of the repeat home buyer tax credit.
Who qualifies: Persons who are claimed as dependents by a taxpayer or who are under age 18 do not qualify. Home purchases from relatives of the taxpayer or the taxpayer's spouse do not qualify. Married couples are not eligible to claim the first-time home buyer tax credit if either spouse has previously owned a home. They may, however, qualify for the repeat home buyer tax credit.
Note: there are special benefits for military personnel, members of the Foreign Service and the intelligence community.
Thinking of buying a home? What on earth are you waiting for??? Give us a call (713-857-5080) -- we're here to help you!!
Deadline: A sales contract must be in place by April 30, 2010 - but homeowners have an additional 60 days to close.
Dollar Amount and Eligibility: Up to $8,000 for "first-time" home buyers (those who have not owned a home for 3 years prior to the purchase)
--OR --
Up to $6,500 for current homeowners who have lived in their current residence for 5 consecutive years and are purchasing their next property.
Income Cap: $125,000 (individual), $225,000 (married couples). Increases in the cap make the measure available to a broader group of clients.
Purchase Price: $800,000 or less
Repayment Requirement: Must live in the home for 3 years, or be required to repay the credit.
Documentation Required: Taxpayers must submit a copy of the HUD-1 settlement statement and IRS Form 5405 to claim either the first-time home buyer tax credit of the repeat home buyer tax credit.
Who qualifies: Persons who are claimed as dependents by a taxpayer or who are under age 18 do not qualify. Home purchases from relatives of the taxpayer or the taxpayer's spouse do not qualify. Married couples are not eligible to claim the first-time home buyer tax credit if either spouse has previously owned a home. They may, however, qualify for the repeat home buyer tax credit.
Note: there are special benefits for military personnel, members of the Foreign Service and the intelligence community.
Thinking of buying a home? What on earth are you waiting for??? Give us a call (713-857-5080) -- we're here to help you!!
