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$8,000 Tax Credit for First-Time Homebuyers...... First-time homebuyers get a tax credit windfall if they buy before December 2009.
First-time buyers can claim a credit worth $8,000 - or 10% of the home's value, whichever is less - on their 2008 or 2009 taxes.
To qualify for the credit: • The purchase must be completed by April,30, 2010. • Buyers may not have owned a home for the past three years to qualify as "A first time" buyer. • No requirement for repayment: repayment is now required only if the home is sold within the first 3 years. • Buyers must make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers may receive a partial credit.) • The credit is refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill - the amount of withholding they paid during the year plus anything extra they had to pony up when they filed their returns - was less than that amount.
If you have any question, please email me or call me directly at 303-503-3600 or |