cash in hand 81 The 411 on the $8000 Tax Credit, April 30 deadline coming!

  • First-time home buyers and those who have not owned a home for 3 years are eligible for a tax credit of up to 10% of the purchase price for a primary residence capping at $8,000.
  • The revised program includes existing home owners who have owned a home for at least five years. They can receive tax credits of up to $6,500 towards homes valued under $800,000.  
  • Buyers must be under agreement by April 30,  and close by June 30, 2010. 
  • Income limitations are $125,000 for single tax payers and $225,000 for joint filers. Those who earn more than this cap, singles up to $144,999 and joints up to 244,999 can receive a partial credit.
  •  The tax credit is a dollar-for-dollar tax reduction, so if one owes $8,000 in income taxes and would qualify for a tax credit of $8,000, he or she would owe nothing.
  • The tax credit is refundable, meaning the home buyer can receive a check for the credit if he or she has little income tax liability.

    • This is brought to you by www.CenterCityRealEstate.com the definitive source for Philadelphia real estate.

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