Home Owner Tax Credit and Rebate Information

If you have purchased or will purchase a home in the past year and up to April 30, 2010, and plan to purchase appliances, be aware there are tax credits available for you in 2010.  I’ve outlined them below:

FIRST TIME HOME BUYER:

This is a buyer who has not owned a home for at least the last 3 years.  There is a credit available of 10% of the purchase price, not to exceed $8,000.00.

REPEAT HOME BUYER:

This is a buyer who has occupied their home for five consecutive years of eight years prior to the purchase date.  There is a credit available of 10% of the purchase price, not to exceed $6,500.00.

Both of these programs require the home be purchased as your primary residence.  They are subject to income levels of $125,000.00 for singles, and $225,000.00 for married couples.  Properties must be under contract by April 30, 2010, and closed by June 30, 2010. If your final tax liability is less than the amount of the credit, you will receive a refund for the difference.

ENERGY STAR APPLIANCE REBATE:

There is a 20% rebate up to a maximum of $1,500 available in 2010 for people purchasing Energy Star appliances.  The Federal Government has allocated $8,000,000 to the State of Florida for this program in 2010.  Most recent information indicates that the State has chosen the period between April 16^th and April 25^th, 2010 as the dates of eligibility for this rebate.  This rebate is on a “first come, first served” basis until the funds are all utilized, so it is important that you purchase on the first day or two to assure you receive the rebate.

Check with your tax preparer for additional information on these programs.

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Please contact me if I can assist you or your friends or family with your real estate needs.