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Salida Real Estate - Buena Vista Real Estate - Leadville Real Estate -
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Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S.housing market and address the economic
challenges facing our nation, 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 November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help
prospective home buyers become part of the American dream. If you have specific
questions or need additional information, please contact a tax professional or the
Internal Revenue Service at 800-829-1040.
Who Qualifies for the Extended Credit?
AND.......
see: 2009 First-Time Home Buyer Tax Credit.
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 tow additional factors:
1) The price of the home.
2) The buyer's income.
Price
Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes
purchased for $800,000 or less.
Buyer Income
Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009,
single buyers with incomes up to $125,000 and married couples with incomes up to
$225,000—may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit
limits. If you or your client purchased a home between January 1, 2009 and November
6, 2009, please see 2009 First-Time Home Buyer Tax Credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single
buyers and between $225,000 and $245,000 for home buyers filing jointly. The
amount of the tax credit decreases as his/her income approaches the maximum limit.
Home buyers earning more than the maximum qualifying income—over $145,000 for
singles and 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.
Will the Tax Credit Need to 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.
As part of its plan to stimulate the U.S.housing market and address the economic
challenges facing our nation, 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 November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help
prospective home buyers become part of the American dream. If you have specific
questions or need additional information, please contact a tax professional or the
Internal Revenue Service at 800-829-1040.
Who Qualifies for the Extended Credit?
- First-time home buyers who purchase homes between November 7, 2009 and
April 30, 2010. (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.) First time home buyers please see 2009 First Time Home Buyer
Tax Credit.
AND.......
- Current home owners purchasing a home between November 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.
see: 2009 First-Time Home Buyer Tax Credit.
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 tow additional factors:
1) The price of the home.
2) The buyer's income.
Price
Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes
purchased for $800,000 or less.
Buyer Income
Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009,
single buyers with incomes up to $125,000 and married couples with incomes up to
$225,000—may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit
limits. If you or your client purchased a home between January 1, 2009 and November
6, 2009, please see 2009 First-Time Home Buyer Tax Credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single
buyers and between $225,000 and $245,000 for home buyers filing jointly. The
amount of the tax credit decreases as his/her income approaches the maximum limit.
Home buyers earning more than the maximum qualifying income—over $145,000 for
singles and 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.
Will the Tax Credit Need to 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.
these lenders to receive the $8000 tax credit, but must use one of these lenders if you
plan to use the $8,000 tax credit towards the down payment.
plan to use the $8,000 tax credit towards the down payment.
The Basics: Extended Home Buyer Tax Credit 2009/2010
This provides a summary of the credit. Please seek the advice of an accountant or financial
advisor to see how it applies to you.
advisor to see how it applies to you.