The Homebuyers Tax Credit
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Would you like to buy a house and get $6500 - $8000 back on your taxes? You may have heard a lot regarding the the Worker, Homeownership and Business Assistance Act of 2009 in which the First-time Homebuyers Tax Credit was extended and modified to include not only first-time homebuyers, but also existing and previous homeowners. Who qualifies? How does it work? How long will it last? Below you will find some information that takes an in-depth look at the Homebuyers Tax Credit portion of the the Worker, Homeownership and Business Assistance Act of 2009. |
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Homebuyers Tax Credit - FAQ
Homebuyers Tax Credit Changes
Homebuyers Tax Credit - Explanation
Homebuyers Tax Credit - IRS Form 5405
Qualifying home buyers will need to be under contract to purchase their new homes by April 30, 2010 and must close no later that June 30, 2010. The home has to remain their principal residence for the following three years. Existing or recent homeowners, must have owned their home for at least 5 consecutive years of the past 8 years. First-time homeowners must not have owned a home in the previous 3 years. There are income and home purchase price limitations. The new tax credit becomes effectively immediately.
The new tax credit coupled with historically low mortgage rates and rising affordability, offers buyers a great opportunity if they act fast.
If you’re interested in learning more about the new tax credit or about homes in your area, please contact me and I will happy to discuss your needs in more detail.
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