Covington Wa Homebuyers Tax Credit

Covington WA first time homebuyers have until December 1, 2009 to find a home, secure financing, and close the transaction. Better start working with you Realtor® today. You are eligible if you or your spose if married have not owned your principal residence for the past 3 years.

When you file your taxes, you will be able to subtract the amount of the credit from the taxes you owe on your federal income tax return. If the credit is larter than what you owe, you receive the balance as a REFUND from the IRS.

The credit is based on 10% of the purchase price of the home. If you purchase a home that costs $80,000 or more you will start with the $8,000 credit. If you earn more than $75,000 a year (or $150,000 married filing jointly) there is a phaseout formula you must follow.

You must own the house for 3 years or more; otherwise, you will have to repay the credit. Find great deals in Covington WA

Get started today, if you are looking to buy for the first time in Covington Wa and take advantage of the $8,000 firt time homebuyers Tax Credit.