Learn about the Tax Credit for first-time AND move-up buyers.
Tax Credit Extension and Expansion is Approved!
Learn How the Home Buyer Tax Credit Can Benefit You
The $8,000 first-time homebuyer tax credit is extended
Now, qualified first-time home buyers would receive their $8,000 tax credit if they sign a purchase contract by April 30, 2010 and close by June 30, 2010
The home purchased must be their primary residence
Buyer cannot have owned a home during the past three years
Tax credit is up to 10 percent of the home’s value (not to exceed $8,000)
Annual income caps to qualify for the tax credit will increase ($125,000 for single filers / $225,000 for joint filers). Partial tax credit can be granted for incomes up to $145,000 for single filers / $245,000 for joint filers
New $6,500 tax credit for current homeowners purchasing a primary residence
Eligible home buyers must have lived in their current home for five consecutive years of the past eight years
The new home’s cost need not exceed the current home
Eligible for homes with purchase agreements written by April 30, 2010 and that close between Nov. 6, 2009 and June 30, 2010
Annual income caps to qualify for the tax credit will increase ($125,000 for single filers / $225,000 for joint filers). Partial tax credit can be granted for incomes up to $145,000 for single filers / $245,000 for joint filers
