Good news! If you meet the criteria below, you’re likely eligible for the first-time homebuyer tax credit.
<ul><li>A person is considered a first-time buyer if they have not owned a home in the last 3 years.</li><li>The tax credit applies to homes priced at $800,000 or less.</li><li>The tax credit available is equal to 10% of the purchase price, up to a maximum amount of $8,000.</li><li>This is a true tax credit — not a repayable loan.</li><li>Must close on a principal residence by June 30, 2010.*</li><li>Certain income restrictions do apply.</li><li>Property purchased must be owner-occupied.</li></ul>
You may also be eligible to receive your tax credit prior to filing your year-end tax returns in April. As always, see your tax advisor for more information.**
*Contract needs to be signed by April 30, 2010 and close by June 30, 2010.
**Reliable R.E. Inc., is not a law firm or a tax advisor, and we do not provide legal or tax preparation advice. If you would like more details about this program, please consult an attorney and/or a certified tax specialist.