tag:blogger.com,1999:blog-20869645049696283232011-08-06T14:29:59.769-07:00Bo the Webguynoreply@blogger.comBlogger21100tag:blogger.com,1999:blog-2086964504969628323.post-83662181153944542742010-03-01T11:20:00.000-08:002010-03-11T11:27:45.545-08:00<b> Tax Credit for Homebuyers</b><br /><br />First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000.<br /><br />Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.<br /><br />Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.<br /><br />Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.<br /><b><br />What are the New Deadlines?</b><br /><br /><a name='more'></a>In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.<br /><br /><b>Tax Credit Versus Tax Deduction</b><br /><br />It’s important to remember that the tax credit is just that… a tax credit. The benefit of a tax credit is that it’s a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time homebuyer were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.<br /><br />Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000!<br /><br /><b>Higher Income Caps</b><br /><br />The amount of income someone can earn and qualify for the full amount of the credit has been increased.<br /><br />Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible<br /><br />Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.<br /><br /><b>Maximum Purchase Price</b><br /><br />Qualifying buyers may purchase a property with a maximum sale price of $800,000.<br /><br />————————<br /><br />Visit <a href="http://www.federalhousingtaxcredit.com/">www.federalhousingtaxcredit.com</a> to learn more.<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2086964504969628323-8366218115394454274?l=jonesandminear.blogspot.com' alt='' /></div>Bo the Webguynoreply@blogger.com0tag:blogger.com,1999:blog-2086964504969628323.post-38956920824553494112010-02-15T11:12:00.000-08:002010-03-11T12:07:18.240-08:00Thanks for visiting this new blog set-up to announce news about homes and communities from <a href="http://www.jonesandminear.com/">Jones and Minear</a> Homebuilders based in Atlanta, GA with an office also in Columbus, GA<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2086964504969628323-3895692082455349411?l=jonesandminear.blogspot.com' alt='' /></div>Bo the Webguynoreply@blogger.com0