For first home buyers and repeat home buyers there are tax credits available to you! Are you looking to build a new home? Check out our
Davis timber frame homes and
eSIPS homes and build one today to receive your tax credit! Call us at 800.636.0993 and speak to one of our projects coordinators about your project.
For first home buyers who wish to receive $8,000 credit:
Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been “purchased” on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after January 1, 2009 and on or before April 30, 2010 (or by June 30, 2010, provided a binding sales contract was in force by April, 30, 2010).
For repeat home buyers who wish to receive $6,500 tax credit:
Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been “purchased” on the date the owner first occupies the house. In this situation, the date of first occupancy must be after November 6, 2009 and on or before April 30, 2010 (or by June 30, 2010, provided a binding sales contract was in force by April 30, 2010).In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date. Be sure to check with a tax advisor in cases where a HUD-1 form is not used at settlement to be sure you have sufficient documentation to attach to
IRS Form 5405.
*Information on the tax credit provided by the Government. Note there is an income cap and the building value of the house is capped. Check the Federal Government site for more details: http://www.federalhousingtaxcredit.com/
If you don't wish to build a new home before the tax credit cut-off date, there are always tax credits available for energy efficient features added to a new home! Learn about how you can become
Energy Star Certified with the use of
timber frame, SIPS panels and our energy efficient doors and windows!