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This is the last week to qualify for the tax credit! Here are the details to get you up to speed.
If you’re a first-time home buyer or haven’t owned a home for three years:
You are eligible for an $8,000 tax credit. Remember, this is not a deduction, it’s a true tax credit. For example, let’s say that after you do your taxes next year, you owe the government $2,000. If you qualify for the $8,000 tax credit, instead of having to write a check, the government will write one to you…for $6,000.
Important deadlines: You have to have a home under contract by April 30th and you have to have closed on it (purchased it) by June 30th.
If you are a move-up buyer:
This is a tax credit for people who have lived in their homes for five years and want to buy a new house. And when I say new, I don’t mean new construction, I just mean new to them. These buyers are eligible for a $6,500 tax credit.
Important deadlines: You have to be under contract by April 30th and you have to have closed on it (purchased it) by June 30th.
All of this tax stuff can be really confusing, I know. So if you have more questions, don’t hesitate to send me a quick email.
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