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1st Time Home Buyer Credit Extended & EXPANDED

December 7, 2009

In case you haven't heard already, the IRS has extended the First Time Home Owner Credit to April 30, 2010.  They have also EXPANDED the eligibility requirements for purchasers. So, some Americans that did not qualify before, may qualify now.

Here's the details:

-The deadline for qualifying home purchases has been extended from November 30, 2009 to April 30, 2010.  Also, if a buyer enters into a binding contract by April 30, 2010, the buyer has until June 30, 2010 to close on the purchase.

-The maximum credit amount remains at $8,000 for a first-time homebuyer - that is, a buyer who has not owned a primary residence during the three years up to the date of purchase.

-The new law also provides a "long-time resident" credit of up to $6,500 to others who do not qualify as "first-time homebuyers".  To qualify this way, a buyer must have owned and used the same home as a principal or primary residence for at least five consecutive years of the eight-year period ending on the date of purchase of a new home as a primary residence.  

-For all qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 of 2010 tax returns. 

-Income limits have also risen for people who purchase homes after November 6th.  The full credit will be available to taxpayers with modified adjusted gross incomes up to $125,000, or $225,000 for joint filers.  Those with MAGI between $125,000 and $145,000, or $225,000 and $245,000 for joint filers, are eligible for a reduced credit.

If you have any questions, please feel free to email me at brooke@ab4you.com.

-Brooke Braithwaite

"That QuickBooks Girl"




 

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