If your planning to purchase a home soon..don’t wait! You need to get to contract by April 30th and close by July 1,2010 to be eligible for the HOMEOWNERS TAX CREDIT! $8,000 credit for first time home buyers and $6,500 credit for current homeowners.
Homebuyers who purchased a home in 2008, 2009 or 2010 may be able to take advantage of the first-time homebuyer credit. The credit:
- Applies only to homes used as a taxpayer’s principal residence.
Reduces a taxpayer’s tax bill or increases his or her refund, dollar for dollar.
Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.
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