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 2009-2010 Homebuyer Tax Credit
Hurry! The 2009-2010 Tax Credit ends on April 30, 2010. Under the current law, you must enter into a binding contract by this date for your home purchase to qualify. Then that qualified home purchase must close by June 30, 2010. The table below is a brief review of the Tax Credit program. To learn more about how the Homebuyer Tax Credits can benefit you in the purchase of your personal residence,Contact Us or call 888-710-6858.
| FEATURE |
HOME BUYER TAX CREDIT EFFECTIVE FOR PURCHASES
DECEMBER 1, 2009 - APRIL 30, 2010 |
| First-time Buyer-Amount of Credit |
$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 |
| Current Homeowner-Amount of Credit |
$6,500 ($3,250 married filing separate) |
| Effective Date-Current Owner |
November 7, 2009 |
| Current Homeowner-Definition for Eligibility |
Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years |
| Termination of Credit |
Purchases after April 30, 2010 |
| Binding Contract Rule |
So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until June 30, 2010 to close. |
| Income Limits (Note: Increased income limits are effective as of date of enactment of bill) |
$125,000 - Single
$225,000 - Married
Additional $20,000 phase out |
| Limitation on Cost of Purchased Home |
$800,000 Effective November 7, 2009 |
| Purchase by a dependent |
Ineligible Effective November 7, 2009. |
| Anti-fraud Rule |
Purchaser must attach documentation of purchase to tax return |
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