Using the Tax Credit
We like to think of it as a INCOME TAX REFUND!!! Tax credit sounds scary and complex, but it is NOT!!! Uncle Sam actually made this pretty easy for a change.
The Basic Rules(Updated for Extension)
- The updated tax credit for homes in contract by April 30, 2009 and closed by June 30, 2009 is not only for first time homebuyers, but also repeat buyers who have lived in their home 5 or more years.
- The Refund does NOT have to be repaid. First time homeowners can receive up to $8,000, and repeat buyers can receive up to $6,500.
- To qualify for the full credit a single or head of household tax payer would have to have a modified adjusted income of less than $125,000. For married couples filing a joint return, the modified adjusted gross income limit is $225,000.
- The Refund is available for homes purchased on or after November 6, 2009 and be in contract before April 30, 2010. As long as the home is in contract by April 30, the home may close up to June 30, 2010.
There are other rules and regulations but most do not apply to the average buyer.
Please refer to the following website for complete information on the updated tax credit http://tinyurl.com/ygxzo3m
Please contact us for more details on how we can get the Refund to you within 90 days!!!!
Your Credit
