CARL WATTS & ASSOCIATES

March 15, 2010

Tax Credit for Long-Time Residents Home Buyers

Have you owned and lived in your home for five consecutive years out of the last eight?
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Have you purchased a new principal residence between November 6, 2009 and April 30, 2010?
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Do you have an income of up to $125,000 if single or $225,00 if a married couple?

Then you are entitled to a tax credit of 10% up to $6,500 for a new principal residence purchased at the price of $800,000 or less
Washington DC
tel/fax 202 350-9002
Tax Credit for First-Time Home Buyers

IIf you purchased a new home and you haven’t owned a principal residence for the previous three years, you are entitled to a tax credit of up to $8,000.
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The tax credit is equal to 10% of the homes purchase price up to a maximum of $800,000 if the sale occurred after January 1, 2009.


For homes purchased between January 1, 2009 and November 6, 2009 there are income limits of $75,000 for singles and $150,000 for married couples.

Did you purchase your home after November 6 2009? Do you have an income of up to $125,000 if single or $225,00 if a married couple? Then you qualify for the full tax credit.

Both tax credits do not have to be repaid unless the home is sold or ceases to be used as principal residence within three years after the initial purchase.
Housing Tax Credits