Homebuyers: Get a tax credit up to $7,500 from the U.S. Government!
That's right! If you're a first-time homebuyer, or if you haven't owned a home in the past three years, you may be eligible for a tax credit of up to $7,500 on a new home.
| Feature | Details |
|---|---|
| Amount of credit | 10% of cost of home, not to exceed $7500 |
| Eligible Property | Any single-family residence (including condos & co-ops) that will be used as a principal residence. |
| Refundable | Yes. Reduces income tax liabililty for the year of purchase. Claimed on tax return for that year. |
| Income Limit | Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000, respectively). |
| First Time Homebuyer Only | Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase. |
| Recapture | Yes. Portion (6.67 % of credit) to be repaid each year for 15 years. If home sold before 15 years, then remainder of credit recaptured on sale. |
| Effective Date | Purchases on or after April 9, 2008 |
| Termination | July 1, 2009 |
| Interaction with Alternative Minimum Tax | Can be used against AMT, so credit will not throw individual into AMT. |
For more information, including fequently asked questions and the law's other provisions, see this website.
To see if you're eligible, call us today at (919) 329-7355!
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