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Have you taken advantage of the Federal Homebuyer Tax Credit for a primary residence purchase? If this is the time for you to buy, your time to be eligible for the tax credit is running out. First Time Homebuyers are eligible for a tax credit of 10% of the sales price or $8,000, whichever is less. A First Time Homebuyer is defined as a person who has not owned a home in the last three years.
If you have owned a home for five of the last eight years, you may be eligible for a $6,500 Tax Credit. There are price limits and income limits to be eligible for both Tax Credits. Please check with your financial advisor or CPA to see what applies in your specific situation.
In order to meet the deadline for these Tax Credits, you must have a sales contract signed no later than April 30, 2010 and the purchase must close no later than June 30, 2010.
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