First Time Home Buyer Tax Credit is set to expire November 30. Currently, there are many bills that have been introduced and submitted in attempt to extend the credit. Thus far, the credit has been extended to military personnel only.
Is the first time buyer tax credit helping the economy. Right now, it is way to early to tell. However, pending home sales is continuing to increase and we are certainly getting a high volume of calls from potential first time home buyers.
Before you buy, it is important to know and understand the requirements and limits of the tax incentive.
Columbus First Time Home Buyer Tax Credit - More Real Advice Tax Credit Income Limits
Who is eligible?
Single buyers with incomes up to $75,000 and married couples with incomes up to $150,000 are eligible to receive the maximum tax credit.
From the National Association of Realtors
"If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit."
More information on the first time home buyer tax credit for Columbus home buyers
First Time Home Buyer Tax Credit - the chart. Also from the National Association of Realtors.
Buying a home in Central Ohio
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