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Amount of Credit - Up to $8,000 for First Time Home Buyers or up to $6500 for Repeat Home Buyers. Tax credit is 10% of purchase price up to the maximum credit allowed.
Who Is A First Time Buyer? Anyone who has not owned a home during the three year period before the purchase.
Who Is A Repeat Home Buyer? Anyone who has owned and resided in the same home for at least five consecutive years out of the eight years prior to the purchase.
Eligible Property - Must be principal residence. Cannot be investment property.
Refundable - Yes. Reduces (or eliminates) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.
Income Limit - Yes. Full amount of credit available for individuals with adjusted gross income of no more than $125,000 ($225,000 on joint return).
Termination - April 30, 2010
Effective Date - All revisions are effective as of November 6, 2009.
If you have any questions, please do not hesitate to give us a call!!
Independence - (620) 331-3350
Coffeyville - (620) 251-4140
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