I have looked a lot on the internet but it seems to be so confusing. Can you help me out Marylanders/DC Metro/East Coast or anyone who can help me find any detailed info. Thanx!
2006-09-05 08:50:35 · 2 answers · asked by Anonymous in Home & Garden ➔ Other - Home & Garden
I am looking to remain in the Prince George's Area but thanx for the info if i were to move to D.C.
2006-09-05 08:57:17 · update #1
There are all kinds of "first time homebuyers" programs available. They are offered by governmental agencies, lending institutions, and private companies. Best advice is to use the services of a seasoned local real estate agent. A good agent will be well versed in all of the options available in your area and will walk you through the process step by step.
Good luck with your home purchase.
2006-09-09 05:16:00 · answer #1 · answered by exbuilder 7 · 10⤊ 0⤋
There is a tax credit if you are a first time homebuyer if you live in DC.
This federal tax credit is available to first-time homebuyers in the District of Columbia. The credit is the smaller of:
$5,000, if single, married filing jointly, head-of-household, or qualifying widow(er) ($2,500, if married filing separately) or
The purchase price of the home.
In general, you may claim the credit if:
You purchased a main house during the tax year in the District of Columbia, and
You (and your spouse, if married) did not own any other main home in the District of Columbia during the 1-year period ending on the date of purchase.
However, be sure to evaluate the credit in addition to the increase in the income tax rate you'll realize if you move to the district.
2006-09-05 08:54:54 · answer #2 · answered by Robin A. 3 · 0⤊ 0⤋