Homebuyer Tax Credit An $8,000 tax credit for first-time home buyers for the purchase of a principal residence, home, condo or owner occupy multi family* ( up to 4 units see below ) The credit does not require repayment. As long as requirements are met.
* First time home buyers ( described as someone who has not had a mortgage loan in the past 3 years )
* Home owners who sell their home they have lived in more than 5 years get a tax credit of $6,500
* Credit will be given in your tax refund -do not have to pay back, can receive from amending your 2008 return or filing your 2009 return. For example: if you normally get a refund of $2,000 you would get a refund of $10,000 in you return.
* must have a home under contract by April 30, 2010 and purchase by June 30, 2010.
* must live in the home 3 years.
* part of the stimulus plan to give an extra incentive to Own Your Own Home
* partial credit given if a multi- family ( call me for more info )
Must earn less than $75,000 if single an less than $150,000 if married ( Partial credit given if you earn more )
Karen Ann Martin REALTOR Call(774) 930-8181 or Contact Me