|
|
 |
|
|
 |
|
|
| The Home Buyer Tax Credit Is Now Extended & Expanded |
|
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that extends the $8,000 credit for first-time home buyers, and expands the program to offer a $6,500 credit for repeat buyers who have been in their current residence for five consecutive years out of the last eight.
The qualifying income limits have also been raised to $125,000 for singles and $225,000 for joint tax payers. Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for less than $800,000.
In order to be eligible for the credit, buyers must have a written sales agreements in hand by April 30, 2010. Buyers then have an additional 60 days to close on the property (June 30, 2010). |
| | |
|
| Click here to view the National Association of REALTORS® Tax Credit Comparison Chart |
| Click here to download the Tax Credit Form F5405 |
|
|
|
|
|
|
| Who Qualifies for the Tax Credit? |
First-time home buyers who have not owned a principle residence at any time during the three-year period leading up to the purchase of the home who purchase homes between January 1, 2009 and April 30, 2010.
Current home owners purchasing a home between November 6, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
All types of homes qualify for the credit, including single-family, townhomes, and condominiums, as long as the property purchased will be used as a primary residence.
The amount of the tax credit is up to 10% of the purchase price of the home with a maximum of $8,000 for first-time buyers and $6,500 for repeat home buyers. Single taxpayers with incomes of up to $125,000 and married taxpayers with incomes of up to $225,000 can qualify for the full tax credit. You may qualify for a partial tax credit if your income is greater than $125,000 to $145,000 for a single taxpayer and $225,000 to $245,000 for married taxpayers filing a joint return.
For more information on the First-Time Home Buyer Tax Credit, please see our Frequently Asked Questions. |
| |
|
|
| |
| |
| |
|
|
|
|
|
|
|
|
|
