First-Time Home Buyer Tax Credit program expires November 30, 2009 — less than 60 days. First-time buyers have 2 weeks at most to find a home, considering it can take up to 60 days to close.
The program criteria includes the following:
Buyer may not have owned a “main home” in the past 36 months
The home may not be purchased from a parent, spouse, or child
Adjusted gross income for the household must be below $95,000 for single tax filers and $170,000 for joint tax filers.
The credit is capped at $8,000 or 10% of the purchase price, whichever is less. The First Time Home Buyer Tax Credit is a true tax credit. It’s not a deduction.
The clock is ticking (see count down calendar), so if you’re planning to use the First-Time Home Buyer Tax Credit, the time to act is now! Call Today 817-441-7707.