New Tax Credit Plan Eligibility in Sarasota
Tuesday, March 9th, 2010Owning a Sarasota Florida home is a dream for many, and the new tax credit plan is helping to make it a reality. If you are wondering what eligibility requirements you must meet to qualify for this credit, then here as a quick rundown of the most basic ones.
First time homebuyer in Sarasota Florida
In order to qualify you must be planning to purchase a principal residence for the first time. This means that if you own other property such as a vacation property that you will qualify for the tax credit. This also applies for your spouse as well, and records will be checked to find out if either of you have owned any kind of principal residence within the last three years.
The three-year term
You must plan on keeping this Sarasota Florida property for at least three years or else you will have to pay back the credit. There are however, special circumstances that will be taken into account such as a divorce or a death.
Limited income
There is an income limit for Sarasota Florida residents that want to make use of this tax credit. The limit for single people is $75,000 in gross income, and double that for a married couple. Reduced credits may be given out for people earning more than this amount.
Purchase date
This tax credit is for purchases made in 2009 only. If you made a Sarasota Florida house purchase in 2008 then you do not qualify.
This tax credit can mean the difference between owning a new Sarasota Florida house, or having to remain as a renter for many individuals and families. If you want more information about how it can help you, contact a Sarasota Florida real estate agent in to find out more details.
Stephanie Burwood is a REALTOR. She specializes in selling sarasota homes.