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Nov

12

New Home buyer Tax Credit Updated for This Month in Real Estate

Posted by Austin Real Estate Eye under For Buyers, For Sellers, Regional News, First Time Home Buyers, Tax Credit, Austin Real Estate, Texas Real Estate, Market Statistics, Wealth Building, Balcones and Spicewood Estates, Balcones and Spicewood

Here is an updated video on The new Homebuyer Tax Credit

Who Qualifies for the Extended First Time Home buyer Tax Credit?

First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

Which Properties Are Eligible for the First Time Home buyer Tax Credit?

The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Tax Credit Be?

The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:

The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer’s income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.

Source: Realtor.org

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