$8,000 First-time Home Buyer Tax Credit at a Glance
by Phil Fowler, Realtor e-PRo TRC ILHM
Keller Williams Realty South Tampa
• The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The tax credit applies only to homes priced at $800,000 or less.
• The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
• For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
• For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance
• To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
• The tax credit applies only to homes priced at $800,000 or less.
• The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
You may contact me Phil@PhilFowler.com to assist you in purchasing your new home. As your Buyer’s Agent, I will explain fully the buying process, help you search for and show you properties which suit your needs, negotiate the offer, attend home inspections and sit with you at the closing table.
Please read the testimonials of my clients to determine if we would be a good fit to begin our working relationship.
If you are looking for a Realtor who will genuinely care about your needs and you don’t mind my brutal honesty at times, (it’s the Australian in me), then let’s talk 813-401-8078. This is my direct number and if you have any questions please ask. I promise that your information is kept in the strictest of confidence, not shared and I will not “hound” you.
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