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Planning to move up, downsize or relocate across town? A new tax credit for $6,500 is available for long-time home owners who purchase a home and close before June 30!
The credit is part of the Worker, Home ownership and Business Assistance Act of 2009, which was signed into law Nov. 6. It applies only to homes
purchased as a principal residence (sorry no vacation bungalows in Cannon Beach or cabins in Cougar — but you could keep your current home as a rental). Also good news: the credit will be paid out to eligible taxpayers even if they owe no tax or the credit is more than tax owed.
You may qualify if you:
- Have lived in your primary residence for at least five concurrent years out of the past eight.
- Enter into a home buying contract by April 30, 2010.
- Close before June 30, 2010
- Meet the income limits: The credit phases out for individual tax payers with a modified adjusted
gross income between $125,000 and $145,000. Likewise it phases out for joint filers who make between $225,000 and $245,000.
- Plan to stay in your home for at least three years. (If you move before then, you’ll have to pay the money back).
Tax credit details
To learn more about how the credit applies to you and what the restrictions are, visit www.irs.gov, or consult your tax advisor.
Bargain mortgage rates and fees
Take a gander at the rates today. We not only offer some of the best rates in Clark County, but we work hard to keep our fees competitively low. So by buying now, you'll not only cash in on the tax credit, but you'll also benefit from great low rates that can save you money or help you purchase a more expensive home!
Sources:
- First-Time Homebuyer Credit: Members of the Military and Certain Other Federal Employees, www.irs.gov. 11/19/09
- First-Time Homebuyer Credit Questions and Answers: Basic Information, www.irs.gov. 11/19/09
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