Real Estate Talk

Time is Running Out!

Purchase Before April 30, 2010 and Close by June 30, 2010

$8,000 Tax Credit For Home Buyers

The $8,000 tax credit for first-time home buyers should entice some first-time home buyers to “jump-in” and buy a home, but it may prove to do little in increasing overall demand as first-time home buyers represent a small percentage of the entire market. Only time will tell if the tax credit is effective.

Do You Qualify?
To Qualify for the Tax Credit:

  Available only to first-time home buyers

  The tax credit is not a loan and does not require repayment*

*If the home is sold within 3-years, the $8,000 tax credit must be re-paid

  The tax credit reduces the home buyer’s tax liability; if the buyer’s liability is less than $8,000, the remaining credit will be issued as a check

  Home purchase must be for a primary residence

  The credit is available on a home purchase before April 30, 2010 and close by June 30, 2010

  If you are single and make $75,000 or more, or are married and make $150,000 or more, you do not qualify

  The credit is not eligible if the seller is a relative of the buyer