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Details on the Expanded and Extended Tax Credit

February 2nd, 2010 3:40 PM by Heather Brown

First time Homebuyers and Repeat Buyers now qualify for a tax credit if they purchase a home through April of 2010!  The Tax Credit has been Revised and Extended thus reinforcing that NOW is By Far the Best Time to Purchase a Home!!!

Here are the details:

$8,000 First - time Home Buyer

*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 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. 

The $6,500 Move-Up / Repeat

Home Buyer

*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% 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.

There are great Q&A and detailed resources at www.IRA.gov 

Please feel free to give me a call either at  my office (512)328-5151 or on my Cell (512)751-2931 or you can visit my website www.HeatherBrown.com

Buying or Selling a Home?

I Want to Help!!!

Heather Brown

RE/MAX Austin Skyline

512-751-2931

www.HeatherBrown.com

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Posted by Heather Brown on February 2nd, 2010 3:40 PM

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