What does the Real Estate tax credit mean for you?
November 8, 2009 by Sarah Nicely · Leave a Comment
– First-time homebuyers still qualify for up to $8,000 in tax credits; those who have owned their homes at least five years qualify for up to $6,500 in credits.
– Purchases must be secured by April 30, 2010 and closings finalized by June 30.
– Single taxpayers with an adjusted gross income under $125,000 (under $225,000 for joint filers) are eligible for the credit’s full benefits. Those with incomes up to $145,000 (single) or $245,000 (joint) may receive partial credits.
– Homes worth $800,000 and under are eligible for the program.
– Members of the military serving outside the United States for more than 90 days will have until June 30, 2011, to qualify for he incentive.
