Homebuyer Tax Credit Expires in 10 Days

Just a reminder that now is the time to buy in order to receive the Federal Government's Homebuyer Tax Credit. When passed last year this credit was called the "First Time Homebuyer's Tax Credit" but since November 2009 there has been credit available to both new buyers and those who own their current homes.


First Time Homeowners

• Any single person or couple who have not owned their principal residence in the last 3 years.
• Have a signed contract by April 30, 2010.
• Close by June 30, 2010.
• Receive 10% of the value of the purchased residence, up to $8000, as a refundable tax credit (on an amended 2009 return or on your 2010 return filed by April 15, 2011).
  

Existing Homeowners

• Any single person or couple who has used the home being sold or vacated as their principal residence during any 5 of the preceding 8 years.
• Have a signed contract by April 30, 2010.
• Close by June 30, 2010.
• Receive 10% of the value of the purchased residence, up to $6500, as a refundable tax credit (on an amended 2009 return or on your 2010 return filed by April 15, 2011).

There are a few other rules concerning income limits and homes purchased for over $800,000 are not eligible. If you'd like to learn more, there is great information available on this tax credit (and much more) at the National Association of Realtors' HouseLogic site. The National Association of Home Builders also has posted an informative Federal Housing Tax Credit Homepage.

For this or any other real estate question, you may contact me, Liz Bobeck.