The Tax Credit Countdown
April 30th, 2010 is fast approaching!!
With just under 100 days remaining, here are some tax credit reminders for you!
Who’s eligible and how much??
- First-time buyers (who have not had an interest in a principle residence for three years)
- Married Couples - $8,000
- Filing Separately - $4,000
- Current homeowners (who have consecutively maintained the home they want to sell as their primary residence for five of the last eight years)
- Married Couples - $6,500
- Filing Separately - $3,200
Need the details?
- The tax credit may not used to purchase a home for more than $800,000. All buyers must include documentation of the purchase on their tax returns to obtain the tax credit.
- The income limits for both tax credits have been raised:
o Single Buyers - $125,000
o Married Couples - $225,000
· The Purchase & Sales Agreement must be signed by 4/30/10 in order to qualify.
This is exciting news for those who missed the deadline for the first-time home buyer credit! It's also great news for current homeowners looking to sell and move up (or downsize).
Hope this helps and thank you for your continued business!
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