Kentucky Up To $5,000 New Home Purchase
- The up to $5,000 state income tax credit can be applied against state tax liability for the purchase of a new, not previously occupied home in the state of Kentucky.
- To qualify you must fax the New Home Tax Credit form to the Dept of Revenue at 502-564-3706 within 7 days of the closing.
- The tax credit is non-refundable, meaning you will not receive a refund of any unused portion and it may not be carried forward of backward.
- The home purchased must be a single family dwelling that will be used as a primary residence for 2 years.
- New homes must be purchased with a complete sale by July 26th, 2010 to qualify.
$6,500 Repeat Buyer
- The $6,500 tax credit is available for repeat buyers who have lived in their primary residence for five of the last eight years. Repeat buyers do not have to purchase a home that is more expensive than their previous home.
- The tax credit can be applied to the purchase of a new or existing home
- The tax credit is equal to 10% of the purchase price if the home up to $6,500.
- The tax credit can be applied to the purchase of a new or existing home.
- The purchase price must be $800,000 or less.
- The income limitations must be less ant 125K for individual and 225K for joint filers.
- The tax credit is refundable and does not have to be paid back unless the home is sold within 3 years of purchase.
- Qualifying homes must be under a binding contract for purchase by April 30, 2010 and the sale completed by June 30th, 2010.
$8,000 First-Time Buyer
- The $8,000 tax credit is available for first time home buyers only.
- The tax credit can be applied to the purchase of a new or existing home
- A first time buyer is defined as a person who has not owned a principle residence during the 3 year period prior to purchase.
- The tax credit is equal to 10% of the purchase price of the home up to $8,000.
- The income limitations must be less ant 125K for individual and 225K for joint filers.
- The tax credit is refundable and does not have to be paid back unless the home is sold within 3 years of purchase.
- Qualifying homes must be under a binding contract for purchase by April 30, 2010 and the sale completed by June 30th, 2010.
Mortgage Credit Certificate
- Through the Kentucky Housing Corporation, the federal governmnet allows first time homebuyers an income tax deduction for part of the interest paid each year on a mortgage loan. The Mortgage Credit Certificate gives you a tax credit of up to $2,000 each year (25% of total interest) which reduces the amount of federal income tax you pay and puts more money in your pocket during the year.
- To credit can be taken for the life of the loan. If you sell your home before 9 years you could be subject to a Federal Recapture Tax.
- Visit www.kyhousing.org for a list of approved Mortgage Credit Certificate Lenders.
Shane and My Son Matthew Are In The Middle Of The Poynter's New (under construction) Kitchen!
David and Jody Horn's Winchester Home Is Getting The Mechanicals Finished And The Exterior Stone Installed!
Tim and Amy Fyffe's House Off Georgetown Road Outside Of Frankfort is Ready For Drywall!