The Federal Homebuyer Tax Credit is effective now through April 30, 2010. Eligible buyers must have signed a purchase contract by April 30, 2010, and close the transaction on or before June 30, 2010. Restrictions apply.
Please consult your tax advisor for full details about this tax credit.
Amount of Tax Credit: First-time home buyers may qualify for up to $8000 (10% of the purchase price, up to a maximum of $8000). Repeat/move-up buyers qualify for up to $6500.
Eligibility: Qualifying first-time buyers must not have owned a principal residence during the three-year period prior to the purchase. Qualifying repeat buyers must have used the home sold or being sold as their primary residence consecutively for 5 of the previous 8 years.
Income Limits: $125,000 for single tax payers; $225,000 for joint taxpayers.
For a great visual summary, please view the following pdf file:
Federal Homebuyer Tax Credit Education Guide
Keep in mind that this is just a brief overview of the Federal Homebuyer Tax Credit.
For more detailed information about the federal home buyer tax credit program, contact the Brooks & Heinze Real Estate Team in Seattle.
Kerstin G. Brooks
Brooks & Heinze Team
Phone: 206.276.5827
Email: info@propertyinseattle.com
http://www.propertyinseattle.com
Kerstin G. Brooks, Broker 