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Home Buyer Tax Credit |
Amount of Credit |
Ten Percent of cost of home, not to exceed $8000 |
Eligible Property |
Any single-family residence(including condos and co-ops) that will be used as primary residence. |
Refundable |
Yes, Reduces Income Tax liability for the year of purchase. Claimed on that years tax return |
Income Limits |
Yes,Full amount of credit available for individuals with adjusted gross income no more than $75,000 ($150,000 for joint returns) |
First-Time Home Buyers |
Yes, Purchaser (and Purchaser's spouse) may not have owned a principal residence in 3 years previous to purchase |
Recapture |
NO |
Effective Date |
Under Contract by April 30, 2010 and closed by July 1, 2010 |
Termination Date |
July 1, 2010 |
Interactive with Alternative Minium Tax |
Can be used against AMT, so credit will not throw individual into AMT. |
For a 2010 Tax Credit brochure email me at zmiller@fmrealty.com or call me at 919.402-1220 |