RE/MAX 440
Sandy Horan, ABR, e-PRO
701 W. Market Street
Perkasie  PA 18944
 Phone: 215.453.1033
Office Phone: (215) 453-7653
Fax: 267.354.6847 
slhoran@remax440.com
Sandy Horan, ABR, e-PRO
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U.S. Homebuyer Tax Credit Extended, Expanded

The tax credit for U.S. homebuyers has been extended, and a new group of buyers has been made eligible.

The credit of up to $8,000 for first-time buyers, originally due to expire Nov. 30, has been extended into 2010. This is money that never has to be repaid, provided you live in the home for three years.

Homebuyers who’ve lived in their home for five of the last eight years are now eligible for a credit of up to $6,500.

Facts about the Homebuyer Tax Credit:

  • You must have a signed purchase agreement for your home no later than April 30, 2010, and the transaction must close no more than 60 days after that date.
  • First-time buyers receive a credit of 10 percent of the purchase price, up to $8,000. You are considered a first-time buyer if neither you nor your spouse has owned a principle residence in the U.S. within the last three years.
  • Homeowners who have lived in their current residence for at least five of the last eight years can receive a 10 percent credit of up to $6,500 when they contract to purchase a home between Dec. 1, 2009 and April 30, 2010, and close by June 30.
  • The upper income limit to receive the credit is raised to $125,000 for individuals and $225,000 for couples.
  • If the purchase price is more than $800,000, the buyer is not eligible for the credit.
  • There is no minimum income for claiming the credit. You qualify for the full credit even if you won’t owe any taxes for 2009 or 2010.
  • You can claim the credit when you file your 2009 or 2010 tax return - or, if you’d rather not wait, file an amended return for 2008 or 2009 and receive the money upon purchasing your home. And you can even apply the credit to your down payment for the purchase of an FHA-insured home.


 
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