It’s hard to believe that it is almost mid-January. If you are thinking of buying a home this year, consider doing so now and having your new Denver home under contract by April 30, 2010.
These questions are for general purposes only. You should consultant a CPA and/or lawyer if you have questions as how to apply for this credit.
Who can claim the $8,000 tax credit?
First-time home buyers purchasing any kind of home – new or resale – are eligible for the tax credit.
Who is a first-time home buyer?
The wording says a “first-time home buyer” is a buyer who has not owned a principal residence during the three year period of the purchase. The law does look at married taxpayers purchase history. If your spouse has owned a home in the last three years, but you have not, neither of your would be eligible for the credit.
Unmarried joint purchasers may claim the tax credit for any buyer who qualifies as a first-time buyer.
If you own rental property or a vacation home that is not used as a principal residence, you will not qualify.
There are wonderful homes currently on the market. Areas such as Littleton, Arvada, Centennial and Aurora offer great homes for your money!
