First Time Homebuyer? Get all the details on available tax credits here.

If you’ve always wanted to purchase your first home, the newly extended first-time homebuyer tax credit could help you move from renting to owning. For a limited time, qualified first-time buyers may receive a tax credit up to $8,000  Here’s a summary of the tax credit. As always, consult your tax professional for guidance about your personal situation.

Description For purchase of an owner-occupied residence
Credit Limits – Credit is for 10% of the purchase price
– Maximum credit of $8,000
– The credit is claimed on your federal tax return
Eligibility – A first-time buyer is anyone who has not owned a home for the past three years
– Income limits (for homes purchased after Nov. 6, 2009):

  • Single filers $125,000
  • Joint filers $225,000
  • Partial credits may be available above these income limits

– Home purchase price cannot exceed $800,000

Requirements – Must retain home as principal residence for 36 months (except for active duty military transfers, members of the Foreign Service and intelligence community)
– Available on single-family detached homes, multi-family homes (if owner occupied), townhouses and condominiums, as well as new construction
Purchase & Closing Deadlines – Purchase contract must be signed by April 30, 2010
– Close on or before June 30, 2010

Federal Renovation Tax Credit

You might also be eligible for certain energy-efficient home improvements — such as windows and doors, insulation, roofs, non-solar water heaters, or heating, ventilation and air conditioning.

For qualified energy-efficient improvements to your primary residence, you can claim 30% of renovation costs on your federal tax return, up to a maximum of $1,500. The work must be completed after January 1, 2009 and on or before December 31, 2010.

Please consult with your tax professional for details.

Deborah Bremner
REALTOR, 00588885,
Certified Short Sale Professional
Certified Home Retention Specialist
(O) 310-571-1364 DIRECT
(D) (310) 800-2954

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