Property SearchHome Buyer Tax Credit of 2010 - An Overview
Is not just for first time home buyers any more!
Tax Credit for Homes Purchase in 2010
- The first time home buyer tax credit is available for first-time home buyers including those who have not owned a home in three years.
- The maximum first time home buyer tax credit amount is $8,000 or 10% of purchase price (whichever is less).
- Repeat buyers who have owned a home for at least 5 out of the last 8 years may qualify for up to a $6,500 tax credit.
- These credits are available for homes purchased between Nov 7, 2009 and July 1, 2009 (based on closing date, offer must be accepted on the property before April 30, 2009).
- Single taxpayers with incomes up to 125,000 and married couples/joint buyers with incomes up to $225,000 qualify for the full tax credit. The credit phases out at higher incomes.
- The tax credit does not have to be paid back if you own the home for three years.
- The tax credit can be claimed on your next tax filing or ask your tax consultant about filing an amendment to your last year's taxes.
- If your tax liability is less than your credit, Uncle Sam writes you a check!
First-Time Homebuyer Credit Scenarios Q&A direct from the IRS.
Already bought? Find out how to get your credit. Q&A direct from the IRS.
Also, visit this page for additional details.
First Time Home Buyer Tax Credit of 2009 - An Overview
Tax Credit for Homes Purchase in 2009
- The tax credit is available for first-time home buyers including those who have not owned a home in three years.
- The maximum credit amount is $8,000 or 10% of purchase price (whichever is less).
- The credit is available for homes purchased between Jan 1, 2009 and Dec 1, 2009 (based on closing date).
- Single taxpayers with incomes up to $75,000 and married couples/joint buyers with incomes up to $150,000 qualify for the full tax credit. The credit phases out at higher incomes.
- The tax credit does not have to be paid back.
- The tax credit can be claimed on your 2009 taxes or ask your tax consultant about filing an amendment to your 2008 taxes.
- If your tax liability is less than your credit, Uncle Sam writes you a check!
- May 2009 Update: The tax credit CANNOT be used as a downpayment, HUD Secretary Shaun Donovan (FHA) totally jumped the gun on that one. Great idea, but the IRS gave him the smackdown. Oops.
First-Time Homebuyer Credit Scenarios Q&A direct from the IRS.
Already bought in 2009? Find out how to get your credit. Q&A direct from the IRS.
Tax Credit for Homes Purchase between April 9, 2008 and December 31, 2008
- The tax credit is available for first-time home buyers only.
- The maximum credit amount is $7,500.
- The credit is available for homes purchased on or after April 9, 2008 and before July 1, 2009.
- Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
- The tax credit works like an interest-free loan and must be repaid over a 15-year period.
For more information on the 2008 or 2009 Tax Credit programs, please visit www.federalhousingtaxcredit.com.
Source: National Association of Home Builders. This information is deemed reliable, but is not guarenteed. Neither Exclusive Homes Group nor Keller Williams Realty is qualified to provide tax advice. Please consult with a tax professional.
