Experience. Extra Services. Enjoyable Home Buying.
Dollar-for-dollar tax benefits!
$8000 First-time Homebuyer Tax Credit.
Time has been extended to April 30, 2010!!
Get your $8000 check in the mail within weeks of buying your new home.
NEW! $6500 Credit for Current Homeowners! **
Don’t be misled by the wording “Tax Credit” for First Time Home Buyers in the “American Recovery and Reinvestment Act of 2009.” It’s a
dollar-for-dollar benefit – not just a deduction - that does not require re-payment!
We’re here to help you understand exactly how to
get up to an $8000 check mailed to you.
Up to an $8000 dollar-for-dollar tax benefit to 1st time homebuyers (and anyone who has not owned a home for at least 3 years) for purchase of a principal residence by April 30, 2010 (settlement must occur by July 1, 2010.) Obtained as a credit on your tax return, or by receiving a re-imbursement check (after taxes have been filed) for all of the $8000 credit that has been unused. The credit amounts to 10 percent of the purchase price up to the credit limit. So, a home purchase of $80,000 or more would be good for the full $8,000 credit for "first-time: buyers. No credit is available for home purchases that exceed $800,000.
**Up to a $6500 dollar-for-dollar tax benefit for some buyers who are existing homeowners
so long as a binding contract on a new home is in effect by April 30, 2010 (settlement must occur by July 1, 2010.) The credit amounts to 10 percent of the purchase price up to the credit limit. So, a home purchase of $65,000 or more would be good for the full $6,500 credit for qualifying "repeat" buyers. No credit is available for home purchases that exceed $800,000. Homebuyers with incomes of up to $125,000 for single return or $225,000 for a joint return are eligible if the home they are leaving has been used as a principal residence for five consecutive years in the last eight.
The credits never have to be repaid, provided that the buyer continues to own and live in the home as a principal residence for a minumum of three years straight.
Find more details in Homebuyer Tax Credit Changes and Homebuyer Tax Credit FAQ's below.
We'd be happy to answer your questions! Call 717-709-7070 or email lthrush@lanethrush.com. Please note: we are not able to provide tax or legal advice. We encourage you to confirm your eligibility and pursue your filing questions directly with the IRS or your tax professional.
View and print these documents: Homebuyer Tax Credit Changes; Tax Credit At A Glance; Homebuyer Tax Credit FAQ's; IRS Tax Form 5405
