SE GA HOMEBUYERS ----

GET OFF THE FENCE!

To receive the 1^st Time Homebuyer Tax Credit you must have the house you’re purchasing under contract by April 30, 2010!

Important Info – First Time Homeowner Credit

 

·         The credit is for 10% of the purchase price up to $8,000.

·         You can’t have owned a principal residence in the past 3 years.

·         Must have the purchase under contract by 4/30/10 and close by 7/1/10.

·         Home you purchase can be new or a resale but must be your principal residence and can’t cost over $800,000.

·         Persons over 18 who are not dependents and single can qualify with income up to $125,000 and married filing jointly can have income up to $225,000.

·         Can’t purchase a home from your ancestors (parents, etc) your linear descendants (children, grandchildren, etc) spouse or spouse’s family.

·         Claim the tax credit on your federal income tax return. Fill out IRS Form 5405 & attach it & your closing statement to your return.

·         If you owe any taxes, that amount will be deducted from your tax credit and the balance sent to you.  If you don’t owe any taxes the entire tax credit will be sent to you. You will not pay any taxes on this money.

 

Important Info – Move Up/Repeat Home Buyer Tax Credit (New Program)

 

·         You are eligible if you owned and resided in the same house for five consecutive years of the eight years prior to the purchase date.

·         House can be new or a resale. Income limits same as above.

·         This credit is for 10% of the purchase price up to $6,500. Maximum price $800,000

·         Can’t purchase a home from family etc. as stated in above program.

·         Purchase must occur between 11/6/09 and 4/30/10 or be under contract by 4/30/10 and closed by 6/30/10.

 

 

Check with your tax advisor to see if you qualify!

Call One Of Our Agents Listed Below For More Information On The Tax Credit And To Begin Your Home Search! TIME IS RUNNING OUT!