Breaking News...Senate and House Vote to Extend Homebuyer Tax Credit!

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There’s a new April 30, 2010, deadline! See if you qualify for this one-time refundable tax credit of up to $8,000!

There’s never been a better time to jump into the real estate market for the first time! If you purchased your first home this year, or you will be closing on your first home purchase within the next several months, you may be able to claim an $8,000 refundable credit on your tax return. Unlike most credits, you don’t have to wait to file your 2009 tax return; instead you can get the credit now!

First time home buyers are individuals who have not owned a home within the preceding three years and purchase their first home between January 1, 2009 and April 30, 2010. There is a different First Time Homebuyer Credit available for anyone who made a first home purchase between April 8, 2008 and December 31, 2008.

Additional facts:
  • Qualifying taxpayers who purchase a home before January 1, 2010, have the option to claim the credit on either their 2008 or their 2009 tax return. If the home is purchased after December 31, 2009, and before May 1, 2010, you may claim the credit on your 2009 or 2010 tax return.  
     
  • Taxpayers who have lived in the same home for five consecutive years out of the eight years immediately preceding the closing of a new home may qualify for a reduced credit. All other requirements for the credit remain the same and the amount available is up to $6,500 ($3,250 if married filing separately). 
     
  • Taxpayers who enter into a binding contract to close on a home before May 1, 2010, may still qualify for the credit if they close before July 1, 2010. 
     
 

Last Edited by wilsonad at 12/14/2009 7:10 PM
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