Do I qualify for the $8000 tax credit?
If you’re a first time home buyer or considering purchasing your first home you’ve probably heard about the $8000.00 tax credit. This tax credit is a great incentive for first time home buyers, every dollar of this credit will reduce your income tax by a dollar. The tax credit is based on 10% of the cost of your home purchase. So if you purchase a home for $80,000 you could qualify for the full $8000.00 credit. Here are a few of the rules of the tax credit:
You have to be a first time home buyer or haven’t owned in the last three years.
You must take ownership of the property before December 1, 2009
You must make $75,000 or less or $150,000 per year if filing jointly
You do not have to pay back the credit if you own the property for three years
You may purchase a single family home, Condo or townhouse
For additional rules to the tax credit go to www.irs.gov and read form 5405.
For a list of homes for sale go to sara.shorewest.com.
Posted By:
Sara Schneider
