Are you eligible for the $8,000 credit?

Buy a new Jacobs home and take advantage of this once-in-a-lifetime, extended tax credit!Tax Credit

If you're a First Time Homebuyer don't pass up this federal tax incentive.

  • The current $8,000 federal tax credit for first-time homebuyers has been extended. Sign a contract by April 30, 2010 and close in June to qualify.
  • A new tax credit for certain existing homeowners has been created. The amount of the new credit is $6,500. To qualify, an individual must have owned and resided in a home for any 5-consecutive year period during the last 8 years prior to purchase of a new home.
  • To be eligible to claim the $8,000 credit, first-time buyers must enter into a written binding contract for purchase before May 1, 2010 and must close on the purchase before July 1, 2010.
  • To be eligible to claim the $6,500 credit buyers who have owned and resided in a home for any 5-consecutive year period during the last 8 years, must close after the date of enactment (November 6, 2009), and prior to July 1, 2010.
  • The new law increases the income limitation for homebuyers who want to claim the credit. The income limit for individual taxpayers has been increased from $75,000 to $125,000. The income limit for joint filers increases from $150,000 to $225,000.
  • To qualify for either credit, the price of the home being purchased cannot exceed $800,000.
  • A summary of the tax credit, for general guidance only, is found at www.federalhousingtaxcredit.com
  • There are a number of filing options that may be available to you.
  • Visit www.IRS.gov for more tax information on filing options.