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First-time home buyers are going to get more time to take advantage of the $8,000 home credit, which was set to expire on Nov. 30. Now, first-buyers will have until June 30 to purchase a home, and apply for the credit. The tax credit was approved Nov. 6 by President Obama.
The bill included a new credit for repeat buyers - those who have owned a home five of the last eight years. It will give buyers a credit of up to $6,500 when purchasing a new home by June 30. This new credit was designed to help "move-up" buyers, and also for empty-nesters considering downsizing.
Below is some additional information about both of these tax credits. For more questions, call 317.702.0058, or e-mail Laura@TalktoTucker.com.
GUIDELINES FOR REPEAT BUYER TAX CREDIT
- You must have owned and lived in a home as a primary residence for five consecutive years at any time during the eight years.
- You must have a signed contract to purchase a home no later than April 30, and close on that purchase no later than June 30.
- The tax credit is eligible when you purchase either a new home or an existing home.
- The price of the home cannot exceed $800,000.
- There are income limits of $125,000 to $145,000 for singles and $225,000 to $245,000 for joint filers.
- You must live in the new home at least 36 months, and the home must be your primary residence (you can't apply for a tax credit when purchasing a second home, vacation home or an investment property).
FIRST-TIME HOME BUYER CREDIT
- The $8,000 tax credit is for those who have not owned a home in at least the last three years.
- The credit extended until June 30, 2010, but you must have a signed contract no later than April 30, 2010 to qualify.
- There are income limits of $125,000 to $145,000 for singles and $225,000 to $245,000 for joint filers
- You must live in the new home at least 36 months.
For more information, call Laura at 317.702.0058 or send an e-mail to Laura@TalktoTucker.com.
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