Bookmark This PageTax Credits for Home Buyers
The federal government has just extended the first-time homebuyer tax credit and launched a $6,500 tax credit for existing homeowners.
GENERAL GUIDELINES FOR EXISTING HOMEOWNERS
- The $6,500 tax credit is available for homes purchased before April 30, 2010 and closed by June 30, 2010.
- The $6,500 tax credit is for primary residences only.
- The $6,500 tax credit is for any homebuyer who has lived in their current residence for 5 consecutive years out of the 8 years they have owned their home.
GENERAL GUIDELINES FOR FIRST-TIME HOMEBUYERS
- The $8,000 tax credit is now available for homes purchased before April 30, 2010 and closed by June 30, 2010.
- Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the tax credit.
- The $8,000 tax credit is for first-time homebuyers or someone who has not owned a principal residence during the three-year period prior to the purchase.
- Homebuyer(s) must live in the home as their primary residence for at least 3 years.
For more information, or help undersanding what this tax credit means for you, call a Modular Home Consultant at 800-275-7532 or email us at info@expressmdular.com
