We’re all getting our information to our accountants this time of the year. This year you may be eligible for a tax credit if you bought a home last year.
In 2008, congress passed a home buyers tax credit, which has been changed and extended over time.
Some factors to consider to see if you are eligible:
- You must have signed a contract to purchase your primary residence by April 30, 2010.
- You had to settle on the property by June 30. Congress added an extension, up to September 30, with stipulations.
- First time homebuyers credit can be up to $8,000.
- Repeat homebuyer credit can be up to $6,500.
- First time and repeat home buyer are limited to homes purchased for less than $800,000.
This is just a reminder for those of you who purchased last year. Check with your Accountant for details on the above items, and YOU may save!