Thursday, January 21, 2010

First time home buyer tax incentive to end in April

First time buyer
The Newly Extended Tax Credit
Legislation Helps Many First Time Home Buyers Get Off the Fence



Many first time home buyers are thinking about buying their first home. And the government has some good news for them. For a limited time, until April 30th, 2010, qualified first-time homebuyers may receive a tax credit up to $8,000 as part of the extended First-time Homebuyer Tax Credit and Advance Loan Program.

If home buyers live in the home as their primary residence and have not owned a home during the past three years, they may qualify for the tax credit. As long as the home remains their primary residence for at least three years, they will not have to repay
the tax credit.

With current federal tax legislation anyone that hasn't owned a home in the last three years can receive a tax rebate for purchasing a new home. No matter if you purchase a foreclosure or regularly listed property, these incentives apply.

Here are some details of the tax incentive for first time buyers:

  • Available to first-time
    homebuyers - borrower cannot have owned a home for 3 years.

  • Credit amount up to 10%
    of the home's value, not to
    exceed $8,000

  • For any home purchase
    where a sales contract is
    signed by April 30, 2010 and
    closes by June 30, 2010

  • Available on single-family
    detached homes, townhomes
    and condominiums — newly
    constructed or pre-existing
    homes

  • Buyers qualified for full tax
    credit are single taxpayers
    with incomes up to $125,000
    and married couples with
    incomes up to $225,000

  • The tax credit does not need
    to be repaid as long as the
    buyer does not sell the home
    within the first three years
    and it remains their primary
    residence

  • Purchaser receives tax credit when tax return or tax addendum is filed

    For more information on purchasing homes, or learning about purchasing a home, go to PortlandForeclosure.com. We not only publish current and active foreclosure listings, but offer advice on investing in real estate.

    No comments:

    Post a Comment