HOMEBUYER TAX CREDIT BASIC FACTS

 

 

  • A tax credit, not a tax deduction, meaning you get that much more cash back in your federal tax refund.
  • $8000 for a first time buyer, meaning not having owned a home in the last 3 years
  • $6500 for a current owner, provided the home they sold or will sell was their primary residence for 5 out of the last 8 years
  • Does not have to be paid back as long as they remain in the home for 3 years
  • Must be under contract by April 30, 2010
  • Must close by June 30, 2010
  • Must earn less than $125,000 if single or $225,000 if married
  • Money can be collected immediately by filing a tax return or an amendment to a previous return

    WATCH THE VIDEO BELOW    Wch tW

    http://www.youtube.com/watch?v=1leN8E8BKTo