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Apr
Federal Home Tax Credit Set to Expire
brokerforyou Bob Schwartz
Time is running out on the federal tax credits for first-time and repeat buyers. First-time buyers who enter a binding contract by April 30 and close escrow before July 1—and meet the income limits—are eligible for the full $8,000 credit (maximum, or 10 percent of the sales price, whichever is less) on their federal tax returns. The first-time home buyer credit applies to homes purchased for $800,000 or less, and does not require repayment if buyers live in the residence for three or more years.
