Delaware Valley Real Estate - OnPoint with Letitia Stevenson

Home Buyer Tax Credit 8000 - Expires April 30, 2010

Now is a great time to take advantage of tax credit: Up to $8,000 for qualified First Time Buyers! Congress has passed legislation (enacted November 2009) that extends the Tax Credit of 10% of home's purchase price (up to $8,000) for first-time home buyers signing sales agreements from November 7, 2009 through April 30, 2010, and closing no later than June 30, 2010. 

CREDIT AMOUNT
$8,000 ($4,000 married filing separate)

ELIGIBILITY
May not have had an interest in a principal residence for 3 years prior to purchase

DEADLINES
Period: Nov 7, 2009 - Apr 30, 2010. All contracts must be in effect no later than April 30, 2010 and close no later than June 30, 2010 Septemper 30, 2010 (Closing Deadline Updated 7/2/2010).

INCOME CAPS
Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more may be eligible for receive a partial credit. However, single filers who earn $145,000 and above are ineligible.

Married joint tax filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more may be eligible for a partial credit. However, joint filers who earn $245,000 and above are ineligible.

MAXIMUM PURCHASE PRICE
$800,000

DEPENDENTS 
Ineligible

ADDITIONAL REQUIREMENTS (ANTI-FRAUD RULE)
Purchaser must attach documentation of purchase to tax return

For more information, please check out these links.

 FAQs First-Time Home Buyer Tax Credit 8000 (NAHB)

 Extended Home Buyer Tax Credit (NAR)

 How to Get Extended Home Buyer Tax Credit (NAR)

 First-Time Homebuyer Credit (IRS)

 Home Buyer Tax Credit IRS Form 5405  

Please Note: Income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you purchased a home between January 1, 2009 and November 6, 2009, please read Home Buyer Tax Credit 8000 - Expires November 30, 2009.

RELATED POSTS

• Home Buyer Tax Credit 2010 - Revised November 2009 (Extended and Expanded)
• Home Buyer Tax Credit 6500 - Current Homeowners (Repeat Buyers), Expires April 30, 2010
• Home Buyer Tax Credit for Military - First Time Home Buyers and Current Homeowners
• Home Buyer Tax Credit 8000 - First Time Home Buyer, Expires November 30, 2009
• First Time Home Buyer Tax Credit Comparison Chart (2008 - 2010)

If you have any real estate questions, please contact me. Whether buying, selling, or just curious to learn more, I'm here to assist you.  Please contact me with your questions. I look forward to hearing from you.

This post is provided for informational purposes only. If you have specific questions or individual concerns regarding the tax credit, please contact a tax professional or the Internal Revenue Service at 800-829-1040.