Tuesday, December 1, 2009
New tax credit facility has been provided to first time home buyers and also some existing homeowners. Credit limit has increased to 10% of the home price, upto $8000 for first time buyers and $6,500 for repeat buyers. All buyers should have a binding contract on a house on or before April 30. Sale must close on or before June 30.If an individual has not owned a home in past three years, he is considered first time home buyer.
If existing homeowners want tax credit facility they should have lived in the same principal residence for five consecutive years. According to IRS, home-buyer tax credit now phases out for individuals with modified adjusted gross incomes between $125,000 and $145,000 and between $225,000 and $245,000 for people filing joint returns.
If existing homeowners want tax credit facility they should have lived in the same principal residence for five consecutive years. According to IRS, home-buyer tax credit now phases out for individuals with modified adjusted gross incomes between $125,000 and $145,000 and between $225,000 and $245,000 for people filing joint returns.
posted by Avoid foreclosure, We buy houses, Stop foreclosure
@ 9:46 PM
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