Homebuyer Tax Credit of $8000

Is Extended to April 30, 2010

Congress has extended and expanded the homebuyer tax credit. 

 

The tax credit for a First Time Buyer is $8000.  A First-Time Buyer "someone who has not owned your principle residence during the 3-year period before your purchase."   You must purchase and close on your principle residence before April 30, 2010.  Any single family residence located in the United States that will be used as a principle residence is eligible.  The income limit is $75,000 single and $150,000 married.

 

Current Homeowner Tax Credit $6500.  To qualify you must have used the home sold as a principal residence consecutively for 5 of the previous 8 years.  You must purchase and close on your new home by April 30, 2010.  Any single family residence located in the United States that will be used as a principle residence is eligible.  The income limit is $125,000 single and $225,000 married.

 

The other tax benefits of homeownership are still in place including the mortgage interest deduction, capital gains tax exclusion and the property tax deduction.

If you sell your home within 3 years of purchase, the entire amount of the credit is recaptured, that is, the government takes it back.

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$8000 Tax Credit Required
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