UPDATE: The first-time homebuyer tax credit was just extended!

Answers about the New Home Buyer Tax Credit.

How much time do I Have to purchase an eligible home?
You may be eligible for an up to $8000 tax credit from Uncle Sam. To qualify, you must contract a to be built Goodall home by 02/15/2010 and contract a move-in ready Goodall home by 4/30/2010 and close on your home no later than 6/30/2010! So hurry in to a Goodall Community Today! CLICK HERE for move-in-ready homes.

Are You  Eligible?
If you have not owned a home in the past three years, you may qualify. Even if you or your spouse owned a home more than three years ago, you are still considered first-time home buyers and may qualify for the tax credit.

NEW: Existing Homeowners thinking of moving into a Goodall Home may also be eligible for an up to $6500 tax credit! (For more information, visit FederalHousingTaxCredit.com)

Are you entitled to the full $8,000?
It depends on your modified adjusted gross income.

How does the home-buying incentive work?
It is a direct tax credit that reduces the amount of taxes you owe. It's different from a tax deduction, which only reduces the amount of your income that is subject to tax.

If your eligible tax credit is more than what you owe in taxes, the balance will be refunded to you. (See an example at FederalHousingTaxCredit.com)

This is not a loan. You do not have to repay this tax credit.

How long does the program last?
The federal home-buying incentive applies to homes contracted for sale by 4/30/2010 and closed on before 6/30/2010, and before November 30, 2009.

Whether you choose to build a Goodall Home or take advantage of one of our ready-to-move-in homes, time is of the essence. Start Your Home Search to day! Just  Ask Dana!

How can Goodall Homes help?
If You Have any questions about the Tax Credit and how it can help you move into your Dream Home. Ask Dana.

For additional details on the federal home-buying incentive, visit FederalHousingTaxCredit.com.

Don't miss out on this unprecedented opportunity - visit a Goodall Community today!

Goodall Homes & Communities does not offer advice on any personal income tax matters or issues. The information provided here is for general information only and does not represent tax or legal advice (either express or implied), nor should it be a substitute for professional tax or legal services and/or advice. We strongly urge that before you purchase a home that you seek advice from a professional advisor that is familiar with your personal facts and circumstances. They can assist you in determining whether you qualify for the new credit and the amount available to you.