First Time Home Buyer Tax Credit

First time home buyers get $8000 as an incentive. No more waiting around for that job promotion to purchase your new home. The amount of tax credit that you get is calculated by 10% of the price of the primary home. If the house cost $600,000, you would be eligible for $6000 tax credit.

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Be prepared for the first time home buyer tax credit that the government is offering to homebuyers. New homebuyers get $8000 as an incentive. If you have been waiting for that job promotion, so you can afford your new home, this 2010 homebuyer tax credit will help you get there faster.

The amount of tax credit that you get is calculated by 10% of the price of the primary home up to $8000. If the house cost $60,000, you would be eligible for $6000 tax credit only. The homes that qualify as primary residence include single-family detached homes, townhouses, condominiums, mobile homes, and house boats.

Tax Credit Requirements

The minimum requirements are as follows,
Individuals making below $125,000 will qualify for the tax credit. The income for married couples is $225,000.

You cannot buy the house from family members, parents or grandparents, your children, grandchildren, your spouse or the family of your spouse.

Value of the house must be below or equal to $800,000.

You must live in the home and claim it as a primary residence.

Dependents and those under 18 do not qualify.

First Time Home Buyer Tax Credit applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. Binding contracts signed by April 30, 2010 must have their home purchase completed by June 30, 2010.

Now is the time to get started on your first time home purchase. Do not wait because this tax credit will expire soon.

Coldwell Banker sponsored this post.

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