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Home Buyer Federal Tax Credit at a GlanceClick Video Below for more detailed Information about the $8,000 Tax Credit:
Extended & Expanded
(See chart belowing comparing the 2009 and new 2010 Homebuyer Tax Credit) Do you want to know more? contact me.
FEATURE | 2009 Home Buyers Credit
1/1/2009 - 11/30/2009 Rules as enacted 2/2009 | 2010 Home Buyers Credit 12/1/2009 - 4/30/2010 Rules as enacted 11/2009 | First-time Buyer - Amount of Credit | $8,000 ($4,000 married filing separate) | $8,000 ($4,000 married filing separate) | First-time Buyer - Definition for Eligibility | May not have had an interest in a principal residence for 3 years prior to purchase | Same | Current Homeowner - Amount of Credit | No Provision | $6,500 ($3,250 married filing separate) | Effective Date - Current Owner | No Provision | Date of Enactment | Current Homeowner - Definition for Eligibility | No Provision | Must have used the same home sold or being sold as a principal residence consecutively for 5 of the previous 8 years | Termination of Credit | Purchase after November 30, 2009. | Purchases after April 30, 2010 | Binding Contract Rule | None | So long as a written binding contract to purchase is in effect on April 10, 2010, the purchaser will have until July 1, 2010 to close | Income Limits (Note: Increased income limits are effective as of date of enactment of bill) | $75,000 - Single $150,000 - Married Additional $20,000 phase out | $125,000 - Single $225,000 - Married Additional $20,000 phase out | Limitation on Cost of Purchased Home | None | $800,000 Effective Date of Enactment | Purchased by a Dependent | No Provision | Ineligible Effective Date of Enactment | Anti-fraud Rule | None | Purchaser must attach documentation of purchase to tax return |
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Still have more questions and want to learn more about how you can qualify for the Home Buyer Tax Credit?
Just complete the form below and we will get back with you to explain what is available. ... or call The Deal Team directly at one of the numbers below: | Phone: | (540) 710-2772 | | Cell: | (540) 226-2916 |
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