Coeur d'Alene Real Estate Specialists
Coeur d'Alene, Post Falls, Hayden, Rathdrum, Hayden Lake & Worley
First Time Home Buyers Credit |
| FEATURE | FIRST-TIME HOMEBUYERS | NEW MOVE-UP / REPEAT HOME BUYERS |
| Amount of Credit | Maximum credit amount increased to $8,000. | $6,500 Maximum Credit |
| Eligible Property | Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence. | Same |
| Refundable | Yes. Reduces (or can eliminate) income tax liability for the year of purchases. Any unused amount of tax credit refunded to purchaser. | Same |
| Income Limit | Yes. Full amount of credit available for individual with adjusted gross income of no more than $125,000 ($225,000 on a joint return). | Same |
| First-time Home Buyer Only | Yes. Purchaser (and purchaser's spouse) may not have owned a principal residence in 3 years previous to purchase. | No. To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years. |
| Revenue Bond Financing | Purchasers who utilize revenue bond financing can use credit. | Same |
| Repayment | No repayment for purchases on or after January 1, 2009 and before April 30, 2010. | Same |
| Recapture | If home is sold within three years of purchase, entire amount of credit is recaptured on sale. | Same |
| Termination | The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify. For military personnel, the credit has been extended through December 1, 2010 | Same |
Let us find you a home in the Coeur d'Alene area so that you can tax advantage of the valuable tax credit this coming year.
| "We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin. Information is provided exclusively for consumers' personal, non-commercial use. It may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed accurate by the Coeur d'Alene MLS." © 2012 Kevin Bennett, Coeur d'Alene Realtor 1924 Northwest Blvd., Coeur d Alene, ID 83814 Phone: 208-818-0002 |
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Data Last Updated Sunday, February 05, 2012 at 3:18:02 AM |