$8,000 Tax Credit Provides Incredible Opportunity for Home Buyers!
Take advantage of interest rates and home prices not seen for more than 10 years!
To qualify for the Federal Home Buyer Tax Credit:
Be a First-time Home Buyer - The tax credit is for first-time home buyers or those who have not owned a principal residence during a three-year period prior to the purchase.
Purchase a Property - Close escrow by December 1, 2009 on any single family residence including condominiums, town homes and co-ops that will be used as a primary residence.
Meet Income Requirements - Have an adjusted gross income of $75,000 per year for single taxpayers and $150,000 for married couples to qualify for full tax credit. Adjusted gross income is total income for a year minus certain deductions.
Other Considerations:
Repayment - The home is sold within three years of purchase; the entire amount of the tax credit is recaptured on sale of home.
Amount of Tax Credit - The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
How to Apply for the Credit - When filing Federal income taxes for 2009, claim it on your tax returns. If the return would be greater for 2008, you can amend your 2008 tax returns to maximize the credit amount.
Call SunCor Financial at 480.317.6980 to learn more.
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