November 10th, 2009
$8,000 First-Time Homebuyer Tax Credit at a Glance
New Tax Credits Provide Outstanding Opportunities for First Time Homebuyers!
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. Here are the details for the $8,000 First-time Home Buyer Tax Credit at a Glance…
• The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• 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 $8,000.
• The tax credit applies only to homes priced at $800,000 or less.
• The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
• 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.
Want to learn more about this tax credit and how you can take advantage of it when you buy a new home? Skye Bruce Properties has a team of home buying experts who can explain the credit in detail and help you find the perfect Richmond home. Contact Skye Bruce Properties today!
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