Home Buyers Tax Credit
Remember, the Clock is Ticking…
Scott AFB area first time home buyers and move-up buyers have until April 30th to enter into a contract to purchase a home and take advantage of the available tax credits.
Much has been written about the tax credit, but here are a few basics***:
- First time home buyers can receive up to $8000 tax credit.
- Move-Up Buyers can receive up to $6500 tax credit if they lived in their current home 5 consecutive years out of the past 8 years.
- Home price must be less than $800,000
- Individual tax filers must earn less than $125,000 to qualify.
- Tax payers filing Married Filing Jointly must earn less than $225,000.
- Homes purchased from relatives do not qualify for the credit.
***For specific tax advice, please contact a tax professional.
A good place to learn more about the tax credit: www.FederalHousingTaxCredit.com
If are looking for Scott AFB Housing and you want to take advantage of this tax credit before it expires, contact me today.
