| $8,000 First Time Home Buyer Credit and $6,500.00 Move Up Buyer Credit |
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Do you know you could make $8,000 by buying a home this year?
Example:
If you purchase a home of $80,000.00 or more and you meet the eligibility requirements of a first time home buyer, get into a contract on a home purchase by April 30th, 2010, and close by June 30th 2010, you will receive a tax refund of an extra $8,000.00.
Further, there are USDA loan programs available that will allow you to purchase a home with 100% financing. That's right no money out of pocket. We have helped buyers do this very thing. One buyer, walked away from close with almost $1,000.00 and still received his $8,000.00 check after filing his taxes. Applying and qualifying for a rural USDA loan is as simple as an FHA loan. The only difference is that, not all homes qualify.
So in essence, you could actually make money buying a home. If you want help with this kind of deal, contact us and we can get you on the way to a great deal in owning a home.
Buy a home in Rock Hill, go on vacation! Buy a home in Fort Mill, pay off a car! Buy a home in Lake Wylie, pay off medical bills! Buy a home in Clover, pay off student loans! Buy a home in Tega Cay, invest! Buy a home in York, donate to a charity! Wow! There are no restrictions on how you use the money to spend.
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An overview of the $8,000 first time home buyer credit.
- The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
- 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 $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 before April 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 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 Tax Credit at a Glance
- 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.
- 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 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.
Disclaimer: Palmetto Property Pros of Wilkinson & Associates are not tax professionals and always advise you to consult your tax professional.
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