mfh-firsttimehomebuyertaxcredit

home buyer tax credit

click here for IRS information on how to apply for tax credit

Signed into law November 6, 2009

Home Buyer Tax Credit extended and
expanded into 2010

Details of the new home buyer tax credit include:

First-time buyers who have not had interest in a principal
residence for three years are still eligible, and the maximum
amount remains the same – $8,000 (or $4,000 for married
couples filing separately).

Current homeowners, who have consecutively maintained the
home they want to sell as their primary residence for five of the last
eight years, are also eligible. However, the maximum amount for
those homeowners is lower: $6,500 (or $3,250 for married
couples filing separately).

Qualifying buyers must sign a purchase agreement by April 30,
2010, and close before July 1.

The tax credit may not be used to purchase a home for more than
$800,000. Vacation homes are ineligible.

The income limits to earn the maximum for both tax credits have
been raised to $125,000 for single buyers and $225,000 for
married couples. * All buyers who want to get the credit must
include documentation of the purchase on their tax returns.

The credit is extended for through June 30, 2011, for members of
the military serving outside the United States for at least 90 days.

Further information regarding the tax credit may be found at: www.irs.gov

This information is provided for general awareness only, and is not
intended for the purpose of providing legal, accounting, tax advice or
consulting of any kind. Please consult with your tax professional for
complete details.