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FIRST-TIME home buyers and CURRENT homeowners: Tax credits extended to 2010!   Learn more

 
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First-time Homebuyer Tax Credit

NEW! The $8,000 first-time buyer tax credit has been extended.

There is also a new $6,500 current home owner tax credit that is available as well.

Please read this important information on these two programs to see if you qualify for these tax credits.

For more information, please contact a Town & Country REALTOR® today.

FIRST-TIME HOMEBUYER TAX CREDIT

Original dates: January 1 — November 30, 2009 - The program has been extended from December 1 through April 30, 2010

Up to $8,000 for single or married filing jointly or $4,000 married filing separate.

Stipulation: You have never owned a home or you haven't owned a primary residence for 3 years.

The credit is 10% of the purchase price, up to $8,000, with income restrictions.

The money does not need to be paid back if you live in the house for 3 years.

  

CURRENT HOMEOWNER TAX CREDIT

Effective dates: November 7, 2009 — April 30, 2010

Up to $6,500 for single or married filing jointly or $3,250 married filing separate.

Stipulation: Current home must have been your principal residence consecutively for 5 of the previous 8 years.

For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.

This tax credit does not apply to second homes, camps, vacation homes, etc.

These notes pertain to both tax credit programs:

  • As long as a written binding contract to purchase a home is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
  • Income Limits: $125,000—single; $225,000—married. Additional $20,000 phase out.
  • Limitation on Cost of Purchased Home: $800,000
  • Dependents are ineligible to purchase the home.
  • To help guard against fraud, buyers are required to attach document of purchase to their tax return.
  • Two special provisions in the present tax credit law assist members of the military, intelligence and foreign services in taking advantage of the homebuyer tax credit.
  • Armed services members, as well as intelligence service and foreign service personnel, who are on active duty & out of the U.S. for 90 days during any part of 2009, get an additional year to buy their homes — May 1, 2011.
  • Another benefit is a waiver on the time of occupancy of the home purchased. Military, intelligence and foreign service members do not have to repay the credit if they have to sell their home after fewer than three years occupancy due to official business.

Consult with a Town & Country agent or tax advisor to learn more about the tax credit.

 

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