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North County Homes First-Time Home Buyer $8,000 Tax Credit
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First-Time Home Buyer Tax Credit has been Extended!
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What are the Main Terms of the Tax Credit?
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- North County Homes must be purchased through April 30,2010 and close escrow by June 30, 2010. To put that another way the purchase of you North County home you must buy berore May 1 and close before July 1.
- Homes must be purchased by a First-Time Home Buyer.
- The maximum allowed North County home purchase price is now $800,000.
- The maximum credit is $8,000 or 10% of the home purchase, whichever is less.
- Single taxpayers may now earn up to $125,000 and married taxpayers filing jointly may earn up to $225,000.
- North county buyers who are claimed as dependents by other taxpayers or who are under age 18 are not qualified for the tax credit program.
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San Diego North County Homes First-Time Home Buyer Defined
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The First-Time Home Buyer Tax Credit Extension is for first-time buyers of San Diego North County homes (either spouse if filing jointly) who have NOT owned a principle residence during the three-year period prior to the purchase. Ownership of vacation property or rental property does not disqualify home buyers from this program.
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New Home Buyer Tax Credit
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There is a new credit of up to $6,500 for some existing homeowners. This reduced credit is available for existing homeowners who have been in their current North County home for a consecutive 5 year period.
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Read Heated First-Time Home Buyer Market. For great detailed information see the government site Federal Housing Tax Credit and First-Time Home Buyer C.A.R. Affordability Fund. Please consult your tax advisor / accountant to determine whether you are eligible for this tax credit before making any decisions or changes to your tax status. Extending and expanding this tax credit is expected to cost the government about $10.8 billion in lost revenue. This first-time home buyer tax credit extension is expected to benefit both those buying North County Homes and selling North County home as well as other North County real estate related businesses.
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