Purchased your first home in the last year? Make sure you are aware of this tax credit before filing your 2014 taxes! First Time Home Buyers Tax Credit If you purchased your first home this year, you may be eligible to file for the first time home buyers tax credit. This provides a purchaser meeting certain criteria with a $750 tax credit in the year of purchase. A tax credit is an amount that can be deducted from the total taxes one is due to pay. For example, if you are due to pay $10,000 in taxes for a year in which you receive this tax credit, you will only owe $9250 after applying it. Unfortunately, unlike the Home Buyer’s Plan, you cannot stack the benefits of this initiative with a partner. Either one or the other may apply this tax credit, or it may be split. Eligibility Conditions
- You or your spouse must purchase a home, and it must be registered in one of your names
- You or your spouse cannot have owned a home in the previous four years
- You must intend to occupy the home within one year of purchase
For more information on the first time home buyers tax credit, click here. If you have any other questions related to this article, or any other mortgage related topics, please either send me an email at email@example.com, or give me a call at 778-822-5466. I am ALWAYS available for you!