Who Do You Know That Could Benefit From These Tax Breaks?
What is the Extended Credit?
・Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
・Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Who Qualifies for the Extended Credit?
・First-time home buyers* who purchase homes between November 7, 2009 and April 30, 2010.
・Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five years within the last eight.
*To qualify as a "first-time home buyer" the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
How is a Buyer's Credit Amount Determined?
Each home buyer's tax credit is determined by tow additional factors:
1. The price of the home.
2. The buyer's income.
Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.
Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000-may receive the maximum tax credit.
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