8000 tax credit: First Time Home Buyer Tax Credit Extension
- 11/11/09 05:58 AM
Good news potential home buyers!! The first time home buyer tax credit has been extended into 2010 and now there's even a tax credit for those current home owners looking to purchase a home as well! First Time Home Buyer Extended Tax Credit Basics: The $8,000 tax credit has been extended until April 30, 2010. As long as you have a written, binding contract in force by that date you have until July 1, 2010 to close. You will not have to repay this credit as long as you live in the home as your primary residence for three … (5 comments)
The $1,800 tax credit is only available for six months; you must close on a home between June 1 and November 30, 2009 to receive this credit. Here are the other important details: AMOUNT: the credit is equal to either 1.2% of the purchase price or $1,800, whichever is lesser WHO QUALIFIES: this credit is for ANYONE purchasing a home between the deadline--NOT just first-time home buyers! HOW DO YOU RECEIVE IT?: … (6 comments)
Photo By: Jack Duval Previously this government incentive to purchase a home was limited to $7,500 and had to be paid back over the course of 15 years. However, some changes have been made, which I will outline here that will hopefully answer all of your questions.
Photo By: Simon Doggett Who can receive the credit? Only first-time home buyers are eligible and they must close between January … (10 comments)
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