Who Will Qualify for the Home Buyer Tax Credit?

Thursday, February 25, 2010

by Rachel Morvant

There are two groups of people who will qualify for the federal home buyer tax credit when they purchase a new home. You may fall into one of these groups...

The First Time Home Buyer:

This group consists of people who have either never bought a home, or who have not owned a home within three (3) years prior to their new home purchase. The tax credit is equal to 10% of the purchase price, up to $8,000.

Move Up Home Buyer:

If you have lived in your home for a minimum of five (5) years you qualify for a tax credit worth up to $6,500 when you purchase a new home.

All qualifying tax payers will receive their check with their regular tax return. The tax credit only has to be repaid if you sell the home within two (2) years of your purchase date.

The income limit to qualify for both tax credits is $125,000 for a single taxpayer and $225,000 for married taxpayers filing a joint return. However, if your modified adjusted gross income (MAGI) exceeds these limits you still may qualify for a reduced tax credit.

For a full list of answers to questions regarding the home buyer tax credit, or to schedule a time to look at properties, call the Wayne Turner Group at (985) 674-1111.

Don't forget... the Wayne Turner Group can provide a list of pre-foreclosure and foreclosure homes (sometimes before they are listed and advertised to the public) to our clients.

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Who Will Qualify for the Home Buyer Tax Credit?