It Pays to Buy Now

Grab this opportunity to take advantage of the home buyer tax breaks which expire at the end of April

Little time remains for you to take advantage of the Federal Home Buyer Tax Credit. Along with high affordability and low mortgage
rates, tax incentives make now a great time for first-time and repeat buyers to purchase real estate. It also presents a good opportunity for sellers. Now is the time to make sure your home appeals to motivated buyers.

First-time Buyers

If you have not owned a home within the last three years, you may be eligible for a tax credit of 10% of the purchase price of your first home, up to $8,000. The tax credit program has some additional incentives for those who purchase another home. You may be eligible for a tax credit up to $6,500 if you have owned and occupied your current residence for five consecutive years during the last eight years.

Repeat Buyers

The tax credit program has some additional incentives for those who purchase another home. You may be eligible for a tax credit up to $6,500 if you have owned and occupied your current residence for five consecutive years during the last eight years.

Other Eligibility Requirements

There are limits on the highest income you can earn and still be able to qualify for the full amount of the tax credit. Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this, but less than $145,000 can receive a partial credit. Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap, but less than $245,000 can also receive a partial credit. Qualifying buyers may receive the tax credit for properties with a maximum purchase price of $800,000.

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