Homebuyer Tax Credit.
Now is the ideal time for you to consider purchasing a new home. Even if you already own a home, you may be eligible for the revised homebuyer tax credit. Program highlights include:
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First-time homebuyers(2) — may recieve a tax credit up to $8,000.
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Repeat buyers — may be eligible for a tax credit of up to $6,500, provided they have lived in their home consecutively for at least five of the previous eight years.
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Annual income limits — are expanded to $125,000 for individuals and $225,000 for couples filing jointly; individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 may qualify for partial credit.
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Eligible Properties — homes used as principal residence, including condos, co-ops and townhomes
To take advantage of the credit, you must sign a purchase agreement by April 30th, 2010 and close by June 30th, 2010.(3)
Contact your Coldwell Banker Sales Associate for more information.
1. Certain eligibility criteria must be met. Purchase does not include property acquired from a relative or by gift or inheritance. Homebuyers should consult their tax advisor for further details. 2. First-time homebuyers are defined as those who have not owned a home in the past three years. 3. The deadline is extended by a year for members of the military who have served outside the U.S. for at least 90 days between January 1st, 2009 and May 1st, 2010.
