The First Time Home Buyer Tax Credit has been extended and expanded, providing an excellent opportunity for people to buy Oahu real estate.  The tax credit has been extended until April 30, 2010 and homes must be closed by July 1, 2010. The gist of the tax credit is:

  • First time home buyers are eligible for a credit of up to $8,000.
  • Current home owners who have been in a home for at least five years are also eligible, they are entitled for a credit of up to $6,500.
  • There are income limits for the tax credit.  For individuals the income limit is $125,000 and for married couples the income limit is $250,000.  Individuals who make between $125,000 and $145,000, and married couples who make between $225,000 and $245,000 are entitled to a partial credit.
  • The tax credit is for the purchase of a primary residence.

The extended and expanded tax credit offers great incentive for people purchasing real estate on Oahu.  Contact John Riggins today for information on Oahu real estate.