Sunday, February 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, if 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 consecutively, 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

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