Williams Gulf Coast Realty
First Time Home Buyer tax Credit
In an effort to stimulate the economy the U.S Government has passed legislation that will grant an $8,000 tax credit to first time home buyers. Find more information below related to this tax credit.
Williams Gulf Coast Realty, Inc. : Info@WilliamsGulfCoastRealty.com : (850) 428-0679
Who Qualifies?
First time home buyers who purchase homes between January 1, 2009 and April 30, 2010.
To qualify as a "first time home buyer" the purchaser or his/her spouse cannot have owned a home in the three years prior to purchase.
How Much is the credit?
The maximum allowance is $8,000, but varies for each buyer depending on 2 factors.
1. The purchase price of the home- The credit is worth up to 10% of the homes value or $8,000.
2. The buyers Income- Single buyers with an income up to 75,000 and married buyers with combined income up to $150,000 may receive the maximum tax credit.
Which properties qualify?
The tax credit may be applied to primary residence including condos, single family residence, town homes, or co-ops.
Can buyers who make more then $75,000 or $150,000(married) still receive a credit?
Yes, but the amount decreases as the income increases and is capped off when buyers reach the maximum income levels. Over $95,000 single and over $170,000 if married
Does the credit have to be paid back?
No. If the buyers remains living in the home for 3 years the credit is not to be paid back. However, if the buyer sales the home before the end of three years the credit will be recouped in the sale price.
This is not intended to be legal or tax advice, rather a resource of information pertaining to this issue.
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