$8,000.00 Federal Tax Credit for First Time Homebuyers &
$6,500.00 for other buyers of Primary Home Extended til April 30, 2010
An $8000 tax credit is available for first time home buyers for purchases made after January 1, 2009 and on or before April 30, 2010. The $8000 is a true credit, if you don’t plan on moving within three years and is more valuable than a deduction.
The tax credit does not have to be repaid. The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8000, for first time home buyers, and up to $6500 for other buyers of a primary home –purchased after November 6, 2009 and/or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010.
Tax credit amount is based on a married couple filing jointly- for married persons filing separate returns the amount may be ½.
Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit. Check for updates for instructions for non-married persons who co-own a house and want to take the credit and whether the Tax Credit can be used for closing costs or down payment assistance at: http://www.federalhousingtaxcredit.com//