May 6th, 2017

Home Buyer Tax Credit

CANCELLED Home Buyer Tax Credit

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 home buyer tax credit is applicable both to Bozeman homeowners moving downward in terms of cost.

The “move-down” home buyer 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 PropertiesAny Single Family Residence
RefundableYes
Income Limit$125,000 single/ $225,000 married
RepaymentBuyers don’t have to repay credit if owner occupied for 3 or more years
RecaptureLess than 3 years entire amount/ 3-15 years remaining balance
TerminationPurchase after April 30th 2010
Effective DateDecember 1, 2009 to April 20 2010

BOZEMAN REAL ESTATE REPORTS

Tags: Montana Home Buyer Tax Credit

Taunya Fagan

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