Time Running Out on Tax Credit
April 30 is the deadline for both the $8,000 first-time home buyer credit, and the $6,500 existing homeowner credit. You can take until June 30th to close, as long as you have a signed contract by the end of April.
Who qualifies for these tax credits?
For the $8,000 tax credit, you must be a first time home buyer or you haven’t owned a principal residence during the past three years.
For the $6,500 tax credit, you must have owned and resided in the same home for at least five consecutive years.
The income qualifications are the same for both tax credits:
You qualify as a married couple filing jointly if your modified adjusted gross income (MAGI) is less than $225,000. If you are a single person, your modified adjusted gross income (MAGI) must be less than $125,000. Partial credits of less than $6,500 are available for some taxpayers whose MAGI exceeds the phaseout limits of $145,000 (single) or $245,000 (married).
This is a golden opportunity for prospective home buyers to make a deal, especially since mortgage interest rates are still at low levels.
If you’re in the Dallas-Fort Worth area and want to find out more about how you can use these tax credits to buy your new home, contact Tanya Smith anytime by phone at 214-707-0347 or just click on our LIVE CHAT feature throughout the Landon Homes website for speedy answers to all your questions.Tags: 8000 tax credit, dallas homes, Dallas New Homes, Dallas-Ft Worth homes, energy efficient homes in dallas, energy efficient homes in frisco, energy efficient homes in north dallas, first time home buyers tax credit, frisco ISD new homes, Frisco ISD schools, frisco new homes, green construction for new homes, green homes in dallas, home sales in dallas, homebuilding in Dallas, John Landon, landon homes, new home community, new homes in dallas, new homes in north dallas, north Dallas home builder, tax credit for home buyers, tax credit homes in dallas, Tax Credits, Texas Home Builders