Take Advantage of the Tax Credits Today!
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000* for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500* for qualified repeat home buyers.
Deadline has been extended to April 30th, 2010!
What you need to know:
$8,000 First-time Home Buyer Tax Credit:
- The $8,000 tax credit is for first-time home buyers only.
- *The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
- The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010.
- For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
- For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance
- To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
- 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 $6,500.
- The tax credit applies only to homes priced at $800,000 or less.
- The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
- Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
* The information on this page pertains to the American Recovery and Reinvestment Act of 2009.
* For more information Visit: http://www.federalhousingtaxcredit.com/2009/home.html
DISCLAIMER: The information on this website is provided for general guidance only. Dunhill Homes does not make any representations, guarantees or warranties to customers regarding (a) tax benefits, investment potential or other possible benefits of home ownership, (b) potential appreciation or depreciation in the price of a home, or (c) the value or equity which you may receive from home ownership. Please consult with an accountant, attorney or other professional advisor for your particular situation.
