8,000 First-time Home Buyer Tax Credit at a Glance •The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase. •The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase. •The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000. •The tax credit applies only to homes priced at $800,000 or less. •The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify. •For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly. •For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit. The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance •To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years. •The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase. •The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500. •The tax credit applies only to homes priced at $800,000 or less. •The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010. •Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit Important News About the Housing Bill
The recently passed legislation makes now a great time to buy a new home. Here’s why:
You may be eligible for a tax credit of up to $7,500*.
If you’re a first-time home buyer (or haven’t owned a home in the past three years), the housing bill may enable you to receive this valuable tax credit.
Find out more about the first-time home buyer tax credit.
Harvard Commons is offering you even more!
Now may be your best opportunity to buy a new home at The Residences at Harvard Commons. Visit Harvard Commons sales office today and find out how to take advantage of these great deals before they’re gone.
*Tax credit of $7,500 applies to single taxpayers with incomes under $75,000 and couples with incomes under $150,000. If your income exceeds these levels, you may be eligible for a partial tax credit. The tax credit only applies to purchases before June 30, 2009. For more details on the tax credit, click here. Some tax credit repayment restrictions apply. See your tax professional for details.