Tax Credit guidelines for new and repeat home buyers
Buying a new home in Cape Coral is
both an exciting and stressful experience. The federal government
has made an offer we just can’t refuse. Homes are now going to be
much more affordable than ever, with a fantastic tax incentive for
buyers. This is an amazing opportunity to finally own your own home or
relocate to the digs of your dreams. Read below to see which
program you qualify for.
$8,000 First-time Home Buyer Tax Credit
The $8,000 tax credit is for first-time home buyers only. For this
tax credit program, the IRS defines a first-time home buyer as someone
who has not owned a principal residence three-years prior to the
purchase.
The tax credit does not have to be repaid unless the home is sold or
is not used as the buyer’s principal residence within three years after
the initial purchase.
The tax credit is equal to 10 percent of the home’s purchase price up
to a maximum of $8,000.
The tax credit applies only to homes priced at $800,000 or
less.
The tax credit now applies to sales occurring on or after January 1,
2009 and on or beforeApril 30, 2010. However, in cases where a binding
sales contract is signed by April 30, 2010, a home purchase completed by
June 30, 2010 will qualify.
For homes purchased on or after January 1, 2009 and on or before
November 6, 2009, the income limits are $75,000 for single taxpayers and
$150,000 for married couples filing jointly.
For homes purchased after November 6, 2009 and on or before April 30,
2010, single taxpayers with incomes up to $125,000 and married couples
with incomes up to $225,000 qualify for the full tax credit.
The $6,500 Move-Up / Repeat Home Buyer
The tax credit does not have to be repaid unless the home is sold or
ceases to be used as the buyer’s principal residence within three years
after the initial purchase.
The tax credit is equal to 10 percent of the home’s purchase price up
to a maximum of $6,500.
The tax credit applies only to homes priced at $800,000 or less.
The credit is available for homes purchased after November 6, 2009
and on or before April 30, 2010. However, in cases where a binding sales
contract To be eligible to claim the tax credit, buyers must have owned
and lived in their previous home for five consecutive years out of the
last eight years.
is signed by April 30, 2010, the home purchase qualifies provided it
is completed by June 30, 2010.
Single taxpayers with incomes up to $125,000 and married couples with
incomes up to $225,000 qualify for the full tax credit.
We at Florida Future Realty want to
make your Cape Coral home buying experience as positive and stress
free as possible. Please call one of our qualified agents to
assist you with finding the perfect home, or browse our site to begin a
search of your own.
Yours in Success,
Florida Future Realty Team
(239)542-8521