First-Time Homebuyer Tax Credit
First-time homebuyers … You still have time!
- First-time homebuyers have to sign a purchase agreement by April 30, 2010, and close by June 30, 2010.
- The income limit for claiming the full tax credit for single taxpayers is %125,000 and $225,000 for married taxpayers filing a joint return. The tax credit does not have to be repaid.
- Homes purchased for up to $800,000 are eligible.
- A first-time buyer is defined as a buyer who has not owner a principal resident during the three-year period prior to the purchase. For married taxpayers, this includes the home ownership history of both spouses.
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At least there’s some hope of the economy climbing back up. Those who couldn’t before go ahead and buy a house!
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Historically it has been proven that one generally stays about five to seven years in a home. Hence, to all doomsday sayers, even if you buy now you will do well when it comes to selling.
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