$8000 tax credit - more details
Now that all the details are out on the new home buyer tax credit, here are some more features not in my first post earlier:
-It's NOT JUST FOR 1ST TIME BUYERS. You an also take it if you have not owned a home just in the previous 3 years.
-It is indeed capped at 10% of the purchase price if the purchase price is below $80,000.
-If you make over the income limits, a partial benefit is available if you make between $75,000 and $95,000 (individual) or $150,000 and $170,000 (couple).
-This is only for owner-occupied primary residence homes. You can only have one primary residence at a time.
-If you use a bond money mortgage, you still qualify!
-You can't buy the home from a close relative.
-You can take the credit in either 2008 or 2009.
Here's a great summary sheet:
http://www2.cabr.org/files/HomebuyerTaxCredit.pdf
-It's NOT JUST FOR 1ST TIME BUYERS. You an also take it if you have not owned a home just in the previous 3 years.
-It is indeed capped at 10% of the purchase price if the purchase price is below $80,000.
-If you make over the income limits, a partial benefit is available if you make between $75,000 and $95,000 (individual) or $150,000 and $170,000 (couple).
-This is only for owner-occupied primary residence homes. You can only have one primary residence at a time.
-If you use a bond money mortgage, you still qualify!
-You can't buy the home from a close relative.
-You can take the credit in either 2008 or 2009.
Here's a great summary sheet:
http://www2.cabr.org/files/HomebuyerTaxCredit.pdf
Labels: Cincinnati, first time homebuyers, homebuyer tax credit
posted by Jamie Mandel | 5:35 PM
1 Comments:
its interesting post
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