Home Register Sign in        
 
 

Question

Tax credit for first time home buyers

Description
We are planning to buy a new house in LV shortly and wondering what tax credit do we stand to make under the economic stimulus plan.


Answers

Homing Pigeon

If you are a first time home buyer, then you may claim a credit of up to $8,000 or 10% of the value of your home whichever is the lesser amount. But I think time's running out for you - You fail to qualify after November 30! 



businessraid

Homing Pigeon has it correct. You will need to be purchasing a home soon for it to work but it is a GREAT deal for first time home buyers. The credit is $8,000 or 10% but I think there is also a cap on the price of the home as you cannot go and buy a large expensive home and still be eligible.



Tom Wemett

In order to receive the credit you must have a home under contract before April 30, 2010 and it must close before July 1, 2010.  The credit is equal to 10% of the home purchase price up to a maximum of $8,000.  The maximum home price is $800,000.  The income limit is $125,000 for a single individual and $225,000 for a married couple.  There is a phase-out provision for $20,000 above those amounts.  The National Association of Home Builders has an explanation and FAQS on their website: www.federalhousingtaxcredit.com.  There also is a tax credit for buyers who currently own a home.  This is explaned on that site as well.



Please Login to post answer
 
     Ask A Question

     Categories

 




© Copyright Knewthis 2009.  |  Designed by Tes Design
:)