1st Time Home Buyer Tax Credits Explained for Simi Valley Home BuyersThe Details are out!!!
1. There are income limitations for the purchasers, $75,000 for an individual or $150,000 for a couple. Partial credits may be available if you exceed the maximum income limits.
2. The Tax credit is for 10% of the home’s value, up to $8,000. And, it may be used to buy a new, resale or foreclosed home.
3. You must be a first time home buyer. By definition, this means you (and your spouse, if buying jointly) must not have been a home owner for the past 3 years
4. Must buy a home before 12-1-09.
5. Borrower can claim this credit on their ’08 or ’09 return. WOW!
6. If you already filed your 2008 return, you can amend that return.
As always please verify this information with a tax professional.
There is a correction to this article. December 1st is the deadline. Thank you to a reader for pointing that out!
{ 2 comments… read them below or add one }
If you buy a new home in the state of California, you can get a $10,000 tax credit. I know there are a couple of home builders in the Simi Valley area.
Thank you Jay for this great addition, Yes that is also available.