The $8,000 homebuyer’s credit is still available, but time is running out.  To qualify as a first-time homebuyer, you must not have owned a home in the last three years. The tax credit is 10 percent of the purchase price of a home up to a maximum of $8,000. This applies to a single taxpayer or a married couple filing a joint return. Married couples filing separate returns qualify for half that amount. The $8,000 credit applies to sales in 2009 and through the end of April, 2010.

If you’re not a first-time homebuyer, you must have owned and used the same home as your principal residence for at least five consecutive years of the eight-year period ending on the date you buy your new home. The maximum credit is $6,500 for a single taxpayer or a married couple filing a joint return, or $3,250 for a married couple filing separate returns.

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• First Time Home Buyers Get $8,000 Tax Credit

Sequim first time home buyers have an opportunity.   If you’re a first time home buyer, you can take advantage of the lowest prices in real estate in decades, the lowest interest rates in decades, and on top of that an $8,000 tax credit! Here’s how it works.

• The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

This is a great time to buy a home in Sequim or Port Angeles and a great time to build a home, but if you wait too long, you will lose the benefit of low prices and low interest rates.

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