Home Buyer Tax Credit is no Longer in Effect
No matter your need, you may still qualify for the new home buyer tax credit, which is even available to those who currently own homes. The home buyer credit is not solely for “move-up” homeowners. The phrase implies a new home must cost more than the sale price of a previous home. The homebuyer tax credit is applicable both to Bozeman homeowners moving downward in terms of cost.
The “move-down” homebuyer is pretty common, especially in the retirement market. Due to the present US economic condition, even more move-down buyers may be on the horizon. Downsizing not only pertains to cars and one’s overall lifestyle, it can pertain to real estate as well.
FIRST TIME HOME BUYER TAX CREDIT PROGRAM
|Credit Amount||$8,000 ($4,000 for married spouses filing separately)|
|Eligible Properties||Any Single Family Residence|
|Income Limit||$125,000 single/ $225,000 married|
|Repayment||Buyers don’t have to repay credit if owner occupied for 3 or more years|
|Recapture||Less than 3 years entire amount/ 3-15 years remaining balance|
|Termination||Purchase after April 30th 2010|
|Effective Date||December 1, 2009 to April 20 2010|