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Information about first time home buyer tax credits as amended by the American Recovery and Reinvestment Act of 2009 (HR 1).

Please consult your tax advisor / accountant to determine whether you are eligible for this tax credit before making any decisions or changes to your tax status.  This website is for information only and should be verified by a tax professional.

 Also, please click on the link below for concise information on how to qualify and apply for this tax credit:

 http://www.irs.gov/newsroom/article/0,,id=187935,00.html   


 An overview:

Homeowners win big with extension and expansion of federal tax credit

The U.S. House of Representatives today voted 403 to 12 to extend and expand the home buyer tax credit. 
The bill passed the U.S. Senate and President Obama signed last week.

The tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is inplace prior to the deadline. First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a credit of up to $6,500. Existing homeowners will be eligible for the $6,500 if they have lived in their current residences for at least five years. The bill also will increase the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000.

Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 ontheir 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay thecredit, provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

Once again, please consult your tax advisor/accountant to determine whether you are eligible for this tax credit.

 

 

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