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Tax Credit

Thanks to the First-Time Homebuyer Tax Credit, potential owners who have been reluctant to buy now have an incentive to explore more of the opportunities available to them.

With great incentives and affordable prices, you can OWN a Hubbell home for less than what you're paying to rent! Visit NOW - these buyer's incentives won't last forever.

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As part of landmark Congressional stimulus legislation, the law allows first-time homebuyers to take a $7,500 tax credit when they buy a single-family home, townhome or condominium.

The Details

¬ Buyers must actually close on the sale of the home between April 9, 2008 and July 1, 2009.
¬ Single or head-of-household filers can claim the full $7,500 credit if their adjusted gross income (AGI) is less than $75,000. For married couples filing a joint return, the income limit is $150,000.
¬ Single or head-of-household taxpayers who earn between $75,000 and $95,000 are eligible to receive a partial first-time home buyer tax credit. The same applies to married couples who earn between $150,000 and $170,000.
¬ Buyers can take the tax credit on their 2008 or 2009 tax return. Those who close in 2008 take the credit on their 2008 return. Buyers in 2009 have the option of taking the credit on their 2008 or 2009 returns.
¬ The tax-credit program essentially is an interest-free loan to be repaid over 15 years. For example, a home buyer claiming a $7,500 credit would repay the credit at $500 per year. If the home owner sells the home, then the remaining credit is due from the profit of the home sale.

 
Tax credit of up to $7,500 available to qualified first-time homebuyers.  Qualification for tax credit based upon first-time homebuyer status, income, purchase price of home and other IRS qualifications.  See www.federalhousingtaxcredit.comfor details. This information is provided for general awareness only, and is not intended for the purpose of providing legal, accounting, tax advice or consulting of any kind.  Please consult with your tax professional for complete details.