There is no better time than now…

The deadline for the Homebuyer Tax Credit is fast approaching!

Do you qualify for the $8,000 First Time Homebuyer Tax Credit?

• You have not owned a home as your primary residence in the past three years.
• Your income may not exceed $125,000(filing individually) or $225,000(married filing jointly).
• You must sign a real estate contract by April 30, 2010, and then you will receive an additional 60 days after that date to close financing.
• The home you buy must be your primary residence.
• You must be 18 years of age or older, you cannot be a dependent of the seller.
• The home may not sell for more than $800,000 to qualify. If you resell the home within three years, there may be a credit repayment penalty.

Do you qualify for the $6,500 Repeat Buyer Tax Credit?

• Have you owned your primary residence home 5 consecutive years out of the past 8 years?
• If you purchase a different home as your primary residence, the purchase price cannot exceed $800,000. 
• You do not need to sell your former primary residence. You may lease it, sell it or give it away.
• Your income may not exceed $125,000 (filing individually) or $225,000 (married filing jointly).
• Your purchase must be between November 7, 2009 and April 30, 2010. Your real estate contract must be signed by April 30, 2010.
• You must be 18 years of age or older.
• If you are an active member service member and work outside the U.S., there are special considerations for you- check for details.

A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. This credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer the individual’s primary residence.