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      Are you getting the tax credit you deserve?

The Extended Home Buyer Tax Credit is a big improvement:  Now both first-time and current homeowners who qualify can take advantage of the new tax credit.  When considered alongside today´s historically low interest rated, the opportunity for buyers is truly unique.

 

Here are the new key provisions:

 

  • The $8,000 tax credit for first-time buyers has been extended through April 30, 2010
  • Current homeowners are eligible for a $6,500 tax credit, provided you have lived in the home you are selling as a principal residence for five consecutive years within the last eight years.
  • Income limits for eligible buyers were increased from $75,000 to $125,000 for single buyers and from $150,000 to $225,000 for married couples.
  • Time has been added to allow for closing the home purchase. As long as you have a binding contract by April 30, you will then have until June 30, 2010, to close the transaction.
  • To qualify, the home must be your primary residence and have a purchase price of $800,000 or less.

Here´s how it works:

  • The amount of your credit will be first credited toward any tax liability for the year of purchase.  Then the remainder will be refunded to you.  (For example, a first-time buyer with a $2,000 tax liability world receive a check for $6,000).
  • Any single-family residence purchased to be used as a principal residence (including condos, co-ops) will qualify if it is purchased by April 30, 2010 for $800,000 or less and closed by June 30, 2010.
  • The full amount of the credit is available for individuals with adjusted gross income of no more than $125,000 or $225,000 on a joint return.  Above those incomes, the amount of the tax credit decreases until the maximum limit is reached - $145,000 for an individual or $245,000 in joint income.

For detailed information about the tax credit, click here

 

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