Tax credits are now available for first-time homebuyers and current homeowners!
The $8,000 first-time homebuyer tax credit is extended
Now, qualified first-time homebuyers would receive a tax credit of up to $8,000 if they sign a purchase contract by April 30, 2010, and close by June 30, 2010
The home purchased must be their primary residence
Buyer cannot have owned a home during the past three years
Tax credit is up to 10 percent of the home’s value (not to exceed $8,000)
Annual income caps to qualify for the tax credit will increase ($125,000 for single filers / $225,000 for joint filers)
Buyers don’t need to repay the tax credit if they occupy the home for three years or more
Members of the military who are serving overseas on “official extended duty” for a least 90 days during 2009 and the first four months of 2010 have an extra year to take advantage of the credit
New $6,500 tax credit for current or previous homeowners purchasing a primary residence
Now, qualified repeat homebuyers would receive a tax credit of up to $6,500 if they sign a purchase contract by April 30, 2010, and close between November 7, 2009, and June 30, 2010
Eligible homebuyers must have lived in their current home for five consecutive years of the past eight years
The new home’s cost can be less than that of the current home
Tax credit is up to 10 percent of the home’s value (not to exceed $6,500). Purchase of homes priced above $800,000 are not eligible for the tax credit
Annual income caps to qualify for the tax credit will increase ($125,000 for single filers / $225,000 for joint filers)
Buyers don’t need to repay the tax credit if they occupy the home for three years or more
Members of the military who are serving overseas on “official extended duty” for a least 90 days during 2009 and the first four months of 2010 have an extra year to take advantage of the credit
Consult a tax advisor for details about your specific situation.
Source: National Association of Home Builders (NAHB)
www.federalhousingtaxcredit.com
