Thursday, January 7, 2010

Do you qualify for the new tax credit?

In 2009, Congress approved an $8,000 tax credit for first-time homebuyers. That probably didn’t help you much, since you already own a home.

As of Dec. 1, 2009, you may qualify for a tax credit of up to $6,500 when you purchase another home… and you don’t need to sell your current home!

Following are some of the restrictions. This information is neither exhaustive, nor guaranteed.

· Must purchase before April 30, 2010
· Income cap of $125K for individuals or $225K for married couples
· Purchase price of home cannot exceed $800K
· Must have lived in current home for at least 5 of the past 8 years

The politicians call it a tax credit. You will call it CASH IN YOUR POCKET!

Here’s how a tax credit works. When you file your annual income tax return, you deduct up to $6,500 from the amount of tax you owe. If you do not owe any tax, you receive a check for up to $6,500 from the Federal Government!

Want to know more? Give me a call today. 206-708-9800


Anonymous said...

nice post. thanks.

Anonymous said...

Bookmarked this. Sometimes non-standard due to you looking for sharing. Undoubtedly value my time.

Kaye Swain said...

Great info! All I've been hearing about is the first time house buyers' credit, which few in the Baby Boomer Generation / Sandwich Generation can qualify for. Terrific to learn of a house buyers credit my generation can qualify for. Thank you. :)