Homebuyer Tax Credit Ends April 30, 2010
First-time buyers and current homeowners thinking of selling... now's the time to make a move!
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FIRST-TIME HOME BUYERS who have not had interest in a principal residence for three years are still eligible, and the maximum amount remains the same – $8,000 (or $4,000 for married couples filing separately). Download "Buy a Home, Get a Tax Credit"
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CURRENT HOMEOWNERS, may be eligible to claim the homebuyer credit if they meet certain criteria and can show they owned their primary residence for a consecutive five-year period during the eight years ending on the date the new home is purchased. The long-time homeowner tax credit is up to $6,500 (or $3,250 for married couples filing separately). Download "Now's the Time to Make a Move". Get more details from the IRS at www.IRS.gov.
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Qualifying buyers must sign a purchase agreement by April 30, 2010, and close before July 1.
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The tax credit may not be used to purchase a home for more than $800,000. Vacation homes are ineligible.
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The income limits to earn the maximum for both tax credits have been raised to $125,000 for single buyers and $225,000 for married couples filing jointly.
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All buyers who want to get the credit must include documentation of the purchase on their tax returns using IRS revised Form 5404 available from www.irs.gov.
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The credit is extended for through May 1, 2011, for members of the military serving outside the United States for at least 90 days.
