The Worker, Homeownership, and Business Assistance Act of 2009 has extended the first-time homebuyer tax credit and has also established a tax credit for qualified move-up/repeat homeowners that are purchasing a principal residence.
Can you take advantage of a Homebuyer Tax Credit?
You cna find out by call me at 609-417-1086 or e-mail me at terry@terryi.com
First-Time Homebuyer Credit Key Points
- A first-time homebuyer is someone who has not owned a principal residence during the three years prior to the purchase.
- Up to $8,000 tax credit.*
- Available on homes purchased between January 1, 2009 through April 30, 2010.
(Contract must be ratified by 4/30/2010 and settlement must occur on or before 06/30/2010) - Tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer's principal residence within three years after the initial purchase.
Move-Up/Repeat Homebuyer Credit Key Points
- A move-up/repeat homebuyer must have owned and lived in their previous home for five consecutive years out of the last eight years.
- Up to $6,500 tax credit.*
- Available on homes purchased between November 6, 2009 through April 30, 2010.
(Contract must be ratified by 4/30/2010 and settlement must occur on or before 06/30/2010) - Tax credit does not have to be repaid unless the home is sold or ceases to be
used as the buyer's principal residence within three years after the initial purchase.
Subject to credit approval. *Certain exceptions may apply, please consult a tax professional for advice on the tax implications. Some income restrictions may apply. The above does not apply to all loan programs.
