Expanded and Extended Tax Credit!
Am I Eligible?
If you have not owned a home in the past three years, you may qualify. That’s right, even if you or your spouse owned a home more than three years ago, you are still considered first-time homebuyers and may qualify for the tax credit.
Existing homeowners thinking about moving to a new Inspired Communities home may also be eligible for an up to $6,500 tax credit. (For details, visit federalhousingtaxcredit.com)
Am I entitled to the full $8,000 home-buying tax credit?
It depends on your modified adjusted gross income (MAGI) and current eligibility.
How does the home-buying tax credit work?
It is a direct tax credit that reduces the amount of taxes you owe. It’s different from a tax deduction, which only reduces the amount of your income that is subject to tax.
If your eligible tax credit is more than what you owe in taxes, the balance will be refunded to you. (See an example scenario at federalhousingtaxcredit.com)
This is not a loan. You do not have to repay this tax credit!
How long does the program last?
The federal home-buying tax credit applies to home contracted for sales by April 30th, 2010 and closed by June 30th, 2010. Time is of the essence; start your new home search with us today!
Don’t sit on the fence another day! It’s time to take advantage of great new home prices, record low interest rates, and a free loan from Uncle Sam.
Visit one of our 5 neighborhoods today and find the home that will stimulate you.
Because where you live inspires the way you liveSM
For more information, please visit www.federalhousingtaxcredit.com.
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- Walter, Hampton Forest
