Tuesday, March 02, 2010

Home Buyer Tax Credit

Recent questions from fellow acquaintances since we were married “when will you guys getting your own flat?”

Well, we hope to be able to buy over the other 50% of ownership from hubby’s mom. But first we have to get the evaluation and documentation process ongoing.

As hubby’s name is co-owned with my mother in-law, and if he decided to give up the house in the future, we are not considered first time-home buyer in Singapore.

How nice if we could enjoy the first-time homebuyer’s benefit, then we can receive up to an $8,000 tax credit. “First-time homebuyers” is also defined as those who have not owned a home in the last 3 years, unlike in Singapore where the first ownership is permanent.

Homeowners who have lived in their current home for consecutively for 5 of the past 8 years can receive up to a $6,500 tax credit under this Home Buyer Tax Credit scheme.

So, for folks who are interested, do not think any further. There may be no future extensions, so, all qualified homebuyers are urged to act by April 30, 2010 (close by June 30, 2010).

What’s best, income limits are now $125,000 for singles, $225,000 for married couples with a $20,000 phase-out of the credit for both.

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