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Homebuyers
Tax Credit Extended and Expanded*
Congress
has passed new legislation that:
~ Extends the First-Time Home Buyer Tax Credit of up to $8,000
to first-time home buyers until April 30, 2010.
~ Expands the credit to grant up to $6,500 credit to current
home owners purchasing a new or existing home between Nov. 7,
2009 and April 30, 2010.
Who
Qualifies For The Extended Credit?
~ First-time home
buyers who purchase homes between Nov. 7, 2009 and April 30,
2010.
~ Current home owners purchasing a home between Nov. 7, 2009 and
April 30, 2010, who have used the home being sold or vacated as
a principal residence for five consecutive years within the last
eight.
To qualify as a first-time home buyer the purchaser or his/her
spouse may not have owned a residence during the three years
prior to the purchase.
Which Properties
Are Eligible?
The Extended Home
Buyer Tax Credit may be applied to primary residences,
including: single-family homes, condos, townhomes, and co-ops.
How Much Is Available?
~ The maximum allowable credit for first-time home
buyers is $8,000.
~ The maximum allowable credit for current homeowners is $6,500.
How Is A
Buyer's Credit Amount Determined?
Each home buyer's
tax credit is determined by two additional factors, the price of
the home and the buyer's income. Under the Extended Home Buyer
Tax Credit, which became effective Nov. 7,
2009, credit may be awarded only on homes purchased for $800,000
or less. Single buyers with incomes up to $125,000 and married
couples with incomes up to $225,000 may receive the maximum tax
credit.
If A Buyer's
Income Exceeds The Limits, Can He/She Get A Credit?
Some buyers may
still be eligible for the credit. The credit decreases for
buyers earning between $125,000 - $145,000 for single buyers and $225,000
- $245,000 for home buyers filing jointly. The amount of
the tax credit decreases as income approaches the maximum
limit. Home buyers earning more than the maximum qualifying
income - over $145,000 for singles or over $245,000 for
couples - are not eligible for the credit.
Can A Buyer
Still Qualify If He/She Closes After April 30, 2010?
Under the
Extended Home Buyer Tax Credit, as long as a written binding
contract to purchase is in effect on April 30, 2010, the
purchaser will have until July 1, 2010 to close.
Must The Tax
Credit Be Repaid?
No. The buyer
does not need to repay the tax credit, if he/she occupies the
home for three years or more. However, if the property is sold
during this three-year period, the full amount credit will be
recouped on the sale.
Click
here for more frequently
asked questions regarding the homebuyer tax credit changes.
*
For specific tax questions or additional information about
the tax credit, contact a tax professional or the Internal
Revenue Service at 800-829-1040.
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Featured Listing
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3 Bed Rooms, 2 Baths, 1,816 Sq Ft
This house now qualifies for FHA,& FHA 203k. If Buyer qualifies it will help or pay for the missing appliances. Seller
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Thank you" – Mary
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Tim and I are so happy in the house. Thanks again, we
really enjoyed working with you all!" – Nicola, Jacksonville Beach, FL |
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helping us save our house from foreclosure; you helped us
understand the process, holding our hands and even going
to court to interpret for us. We can never repay you for
all you’ve done during this time of great stress
turmoil.” – Senka, Jacksonville Beach, FL |
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recently went through a short sale, and Kathy made it easy
for me. I did not know much about the short sale process,
but Kathy’s efforts allowed me to understand and be
comfortable. When I need to buy or sell a property, I am
calling Kathy because she will get the job done and is
extremely trustworthy.” Gary,
Ponte Vedra Beach, FL |
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| “Wow,
you made the unbelievably complex process of being a first
time home buyer easy! You were patient and caring, as you
had to explain everything to us, not once, or even twice,
but three times – ensuring we thoroughly understood the
road to home ownership! The best part, was that you were
there after the sale of the house, even during the whole
five years of ownership. I know you will take care of us
when it is time to sell this wonderful home.” - Scott,
Westside, Jacksonville, FL |
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| I
cannot thank you enough for helping me buy my wonderful
home. After months of searching the web and I dealt with
many agents and you were the best prepared and most
attentive: particularly when I e-mailed you at 1:30am, and
you got back to me at 5:30am to say it was ok show the
house that day! The house was perfect, I made the offer,
and it was accepted all in THE SAME DAY! You were there
through the whole process from inspection, WDO report, the
repairs that needed to be done to satisfy FHA, the
mortgage process and the closing. If I had known it was
that easy I would have bought from you years ago, and will
certainly buy my next one from you. Thank you times a
million; – John
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| Kathy
– Wow! Thank you, thank you and thank you! After having
our house on the market with another Realtor for what
seemed like forever, we met you. You listed our house,
found a buyer, and helped us find our dream house. Not
only are you a true professional, but you are a great
friend – thanks for everything!” – Matthew,
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