First Time Home Buyer Credit In DenverThe best incentives ever offered to home buyers has been extended until April 30, 2010!First Time Home Buyer Credit In Denver now includes a federal tax-credit for ANY home buyer that purchases a home prior to April 30, 2010. Thanks to the American Recovery and Reinvestment Act, which was signed into law in February 2009, all first time home buyers in the Denver metro area and across the country are eligible for up to $8,000 in tax credit. What’s the difference between tax credit and tax deduction?This is a tax credit, not a tax deduction. Meaning that when you file your 2009 tax return, the IRS will credit up to $8,000 (or 10% of the purchase price of the home, whichever is less) on your taxes for first-time home buyers and up to $6500 for all home buyers. To qualify for this first time home buyer credit, you need to close on your new home by April 30, 2010…so now’s the time to looking at the real estate Denver has to offer! Who’s eligible for the home-buyers tax credit?A broad definition of the term“first time home buyers,” is anyone who hasn’t owned an interest in a primary residence in the past three years can qualify for the tax credit. The first time home buyer credit is yours free and clear as long as you remain in the home for 3 years from the purchase date. Are there any restrictions on the type of home I can purchase with the first-time home buyer tax credit?This tax credit applies to all types of homes for first time home buyers, including houses, condos, town-homes, and lofts throughout the Denver metro area. What is the difference between the First Time Home Buyer Tax Credit, and the tax credit for other home buyers?With the government’s extension on their first-time home buyer stimulus package, they included a tax-credit plan for home buyers who did not fall in the category of first time home buyers. EVERYONE can benefit from this incredible opportunity with the purchase of a home.
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