Home Buyers Tax Credit

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Learn about the $8,000 & $6,500 Tax Credits

The tax credit available through the American Recovery and Reinvestment Act of 2009 has been extended and expanded. We distilled the information from the official website – www.federalhousingtaxcredit.com – in these simple, easy-to-understand terms:

  • The tax credit is for first-time home buyers and current homeowners that have lived in their house for 5 years and would like to move. For the tax credit program, the IRS defines a first-time home buyer as someone who has not previously owned a principal residence for three years 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 ($6,500).
  • The credit is available for homes purchased on or after November 6, 2009 and before April 30, 2010 and must be closed 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.

For a list of frequently asked questions about the $8,000 & $6,500 tax credits for home buyers, please click here.

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December 17, 2009 by Greg

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One Response to “Home Buyers Tax Credit”

  1. Home Buyers Save $500 Off Closing Costs | Click a neighborhood on the map to see listings. Sign-up to save your favorites. on February 22nd, 2010 5:46 pm

    [...] Time Buyers—Receive up to an $8,000 tax credit when you close by June 30, 2010.   [...]