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First Time Home Buyer Tax Credit: Extension of program in 2010
First Time Home Buyer Tax Credit: Extension of program in 2010;
Home buyers can rejoice in the fact that the first time qualified home buyer can still reap the benefits of the extended home buyer’s tax credit. It also extends the program by allowing up to $6,500 credit for current home owners who want to purchase a new home by April 30, 2010.
As defined by the IRS a first time home buyer can receive an $8,000 tax credit as someone who has not owned a home in the past three consecutive years. In addition if you have lived in your current home for at least 5 consecutive years then you are still eligible for a tax credit. The credit does not have to be paid back if the home stays the primary residence for at least three years from purchase.
The law defines a first time home buyer as someone who has owned a house for the last three years. This includes the home buyer history of both individuals either husband or wife during this period. Unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first time home buyer. For example if a parent buys a house for their son or daughter, they may give the credit to the qualified buyer. Ownership of a vacation home or rental property not used as a primary resident does not disqualify a buyer as a first time home buyer.
The tax credit is calculated to 10 percent of the home’s purchase price up to the maximum $8000. The current income limit is $125,000 as single tax payer or up to $225,000 as a married tax payers. These apply to purchases made after Nov. 6th, 2009 up to April 30th, 2010.
The credit is also refundable which means that the home buyer credit can be claimed even if the tax payer has little or no federal income tax liability to offset. The great news here is the government will actually send you a check for a portion or even the whole amount of the tax credit. In short if the tax payer owes $8,000 in taxes and qualifies for the credit they will pay no tax in 2010.
These tax credits can be used to buy Denver real estate for sale, Denver homes for sale, Littleton homes for sale and even Centennial Luxury homes for sale.
Contact Legacy Real Estate and ask for Tom Reed or Bill Brown www.discovercoloradorealestate.com 303-933-3333
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