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Pages on Tax Credit
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Note: This is intended to provide an overview only - for specific information or individual concerns, please contact your lawyer, accountant and/or financial advisor.

 

Scroll to the bottom for a YOUTUBE VIDEO on the tax credit.

BONUS - CHART ON WHO GETS WHAT!

 

The federal income tax credit for homebuyers has been extended and expanded to now include homeowners who wish to "move on" after 5 years of living in their current property, as well as first-time homebuyers.

 

  • First-time homebuyers, or those who have not owned in the last three years, can receive up to an $8,000 tax credit
  • Homeowners who have lived in a current home consecutively for 5 of the past 8 years can receive up to a $6,500 tax credit
  • There may be no future extensions, so all qualified homebuyers are urged to act and have a written, binding contract by April 30, 2010 (close by June 30, 2010)
  • Income limits are now $125,000 for singles, $225,000 for married couples with a $20,000 phase-out of the credit for both.

 

According to The National Association of Realtors News Release, dated 11/5/09, an estimated $22 billion has already been added to the general economy resulting from the bill and approximately 2 million people will utilize the tax credit in 2009.

 

  Click for more infomations about HUD.gov

  

 

 

 

According to The National Association of Realtors News Release, dated 11/5/09, an estimated $22 billion has already been added to the general economy resulting from the bill and approximately 2 million people will utilize the tax credit in 2009.

 

 

 

From the National Home Builder Association regarding the tax credit - click here

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following chart provides more information:

 

Feature

For First-Time Homebuyers

 For Current Qualifying Homeowners

Amount of Credit

$8,000 ($4,000) married filing separate)

$6,500 ($3,250 married filing separate)

Eligibility

May not have had an interest in a principal residence for 3 years prior to purchase

Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years

Termination of Credit

Purchases after April 30, 2010

Purchases after April 30, 2010

Binding Contract Rule

So long as a written binding contract to purchase is in effect on April 30, 2010 the purchaser will have until June 30, 2010 to close

So long as a written binding contract to purchase is in effect on April 30, 2010 the purchaser will have until June 30, 2010 to close

Income Limits

$125,000 - Single

$225,000 - Married

Additional $20,000 Phase Out

$125,000 - Single

$225,000 - Married

Additional $20,000 Phase Out

Limitation on Cost of Home Purchased

$800,000

$800,000

Purchase Made by a Dependent

 

Ineligible

 

Ineligible

 

Additional Requirements

Purchaser must attach documentation of purchase to tax return

Purchaser must attach documentation of purchase to tax return

  



Information courtesy of http://www.realtor.org and http://www.whitehouse.gov