| First Time Home Buyer Programs:
Reviewed & Rated |
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New Update
To the First Time Home Buyer Programs
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The Worker, Homeownership, and Business Assistance Act of 2009 has
extended the tax credit of up to $8,000 for qualified first-time home
buyers purchasing a principal residence.
The tax credit now applies to
sales occurring on or after January 1, 2009 and on or before April 30,
2010. However, in cases where a binding sales contract is signed by
April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
For sales occurring after November 6, 2009, the Act establishes income
limits of $125,000 for single taxpayers and $225,000 for married
couples filing joint returns.
The income limits for sales
occurring on or after January 1, 2009 and on or before November 6,
2009, are $75,000 for single taxpayers and $150,000 for married
taxpayers filing joint returns.
The following questions and
answers provide basic information about the tax credit. If you have
more specific questions, we strongly encourage you to consult a
qualified tax advisor or legal professional about your unique situation.
Frequently Asked Questions
About the First-Time Home Buyer Tax Credit
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New Addition
To the First Time Home Buyer Programs | |
The Worker, Homeownership, and Business Assistance Act of 2009 has
established a tax credit of up to $6,500 for qualified move-up/repeat
home buyers (existing home owners) purchasing a principal residence
after November 6, 2009 and on or before April 30, 2010 (or purchased by
June 30, 2010 with a binding sales contract signed by April 30, 2010).
The following questions and answers provide basic
information about the tax credit. If you have more specific questions,
we strongly encourage you to consult a qualified tax advisor or legal
professional about your unique situation.
Frequently Asked Questions About the Move-Up/Repeat Home Buyer Tax Credit
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$8,000 First-time Home Buyer Program
Tax Credit at a Glance
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- The $8,000
tax credit is for first-time home buyers only. For the tax credit
program, the IRS defines a first-time home buyer as someone who has not
owned a principal residence during the three-year period prior to the
purchase.
- The tax credit does not have to be repaid.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
- The tax credit applies only to homes priced at $800,000 or less.
- The
tax credit now applies to sales occurring on or after January 1, 2009
and on or before April 30, 2010. However, in cases where a binding
sales contract is signed by April 30, 2010, a home purchase completed
by June 30, 2010 will qualify.
- For homes
purchased on or after January 1, 2009 and on or before November 6,
2009, the income limits are $75,000 for single taxpayers and $150,000
for married couples filing jointly.
- For
homes purchased after November 6, 2009 and on or before April 30, 2010,
single taxpayers with incomes up to $125,000 and married couples with
incomes up to $225,000 qualify for the full tax credit.
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The $6,500 Repeat Home Buyer Tax Credit
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- To be
eligible to claim the tax credit, buyers must have owned and lived in
their previous home for five consecutive years out of the last eight
years.
- The tax credit does not have to be repaid.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
- The tax credit applies only to homes priced at $800,000 or less.
- The
credit is available for homes purchased after November 6, 2009 and on
or before April 30, 2010. However, in cases where a binding sales
contract is signed by April 30, 2010, the home purchase qualifies
provided it is completed by June 30, 2010.
- Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
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