- The first-time homebuyer tax credit is 10 percent of the purchase price of the home, limited to an $8,000 maximum.
- The current homeowner tax credit has an upper limit of $6,500 for qualified buyers who have owned a home as their primary residence for at least five of the past eight years.
- In the case where a buyer has a home owned as an investment or second home (not classified as a primary residence for last three years), the buyer may qualify for the $8,000 first-time homebuyer credit.
- The deadlines for the credit availability are April 30, 2010 for a written purchase contract with the closing no later than July 1, 2010.
- You may claim the tax credit on any of your 2010, ‘09 or ‘08 Federal Income Tax Returns.
- The entire credit is available for taxpayers with incomes up to $125,000 for single filers, with partial credit availability for those with incomes between $125,000 and $144,999. Joint filers can earn up to $225,000 and take the full credit, with a partial credit available for those with incomes between $225,000 and $244,999.
- Maximum purchase price is $800,000 for otherwise qualified buyers.
With the great prices, low interest rates and the tax incentives, now is a great time to take advantage of home ownership.
Sold in Warrenville Last Week
30w021 Laurel Ct.-$222,000, 30w040 Sunset Ct.-$222,000.
