The U.S. government has finally come up with a plan that doesn’t involve too much red tape. You needn’t fill out a single form in advance of the process, all you need to do is 1. Make sure you meet the criteria 2. Find a house that fits within the very broad criteria and 3. Make sure you’ve completed the purchase by a certain date.
The criteria is – if you’ve never owned a home before or have not owned one within the last 3 years you qualify for $8,000 free. If you’ve owned a home for 5 of the last 8 years you qualify for $6,500 free. You may earn up to $125,000 individually or $225,000 if you will be buying as a couple.
The home can be any owner occupied residence of 1- 4 units, it can’t cost more than $800,000
You must have a contract to purchase the home prior to April 30, 2010 and you must complete the purchase prior to June 30, 2010.
Once you’ve purchased your home according to the above guidelines you will request the appropriate tax credit amount on your 2009 or 2010 tax return. If you don’t owe any taxes you will receive a check for the amount of the credit. If you owe taxes the amount of the credit will offset what you owe and the difference will be sent to you.
Soooo…claim your part of this pile of money! Contact me for more information on the tax credits (and be sure to run any scenario by your tax adviser or CPA). The funnest part is finding the home that will allow you to apply your credit. And…Chico area home prices are at their lowest in years! I’d welcome the opportunity to assist you in finding the ideal home before the deadline.
The criteria is – if you’ve never owned a home before or have not owned one within the last 3 years you qualify for $8,000 free. If you’ve owned a home for 5 of the last 8 years you qualify for $6,500 free. You may earn up to $125,000 individually or $225,000 if you will be buying as a couple.
The home can be any owner occupied residence of 1- 4 units, it can’t cost more than $800,000
You must have a contract to purchase the home prior to April 30, 2010 and you must complete the purchase prior to June 30, 2010.
Once you’ve purchased your home according to the above guidelines you will request the appropriate tax credit amount on your 2009 or 2010 tax return. If you don’t owe any taxes you will receive a check for the amount of the credit. If you owe taxes the amount of the credit will offset what you owe and the difference will be sent to you.
Soooo…claim your part of this pile of money! Contact me for more information on the tax credits (and be sure to run any scenario by your tax adviser or CPA). The funnest part is finding the home that will allow you to apply your credit. And…Chico area home prices are at their lowest in years! I’d welcome the opportunity to assist you in finding the ideal home before the deadline.
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