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Still Time to Qualify for up to $8,000 Tax Credit!

Idaho home buyers who purchased a home after November 6, 2009 or will purchase a home prior to April 30, 2010 are eligible for a tax credit of up to $8,000. First time buyers are eligible for a credit up to $8,000, while repeat buyers are eligible for a tax credit up to $6,500.

First time buyers who purchased a home prior to November 6, 2009 may still be eligible for the original tax credit, and can take advantage of it by filing an amendment to their 2009 tax return, or simply claim it on their 2010 tax return. Repeat home buyers who purchased prior to November 6th are not eligible for this original tax credit.

Those who are in the qualifying time frame for the expanded and extended tax credit must have a fully executed sales contract in place by April 30th and must close on the property before July 1, 2010. Repeat buyers must have lived in their primary residence for at least five consecutive years of the previous eight-year period after the home was purchased in order to be eligible for this tax credit for repeat home buyers.

Of course, income limits apply. The home buyer tax credit is available for individuals with a modified adjusted gross income of less than $125,000, or $250,000 for a married couple filing jointly. After these limits are reached, the tax credit amounts begin to be phased down.

If you've purchased a home within the qualifying period, you'll need Form 5405 in order to file for your credit -- and, you can't file electronically, because you'll need to provide supporting documents.

If you haven't yet purchased a home but are in the market to do so, time is getting short. It can take up to six months to find a home, but there are still two months left to get a contract in place -- and that's entirely possible. Contact us to get an Idaho mortgage loan pre-approval that can speed up the sales process!