Last November, Congress extended a tax credit of up to $8,000 for first-time homebuyers and authorized a new credit of up to $6,500 for existing homeowners who purchase another home.
First-time buyers and existing homeowners have until April 30 to take advantage of the credit, offered as part of President Barack Obama's economic stimulus package. Members of the military serving outside the U.S. have an extra year (until April, 2011) to buy a home in the U.S. and qualify for the credit.
A "first-time homebuyer" is defined as anyone who has not owned a primary residence for the past three years.
To be eligible for the credit, you must have a purchase contract accepted by April 30, and the purchase must close by June 30. There's still time to get the credit, but call us ASAP! We can help you get financing approval and we are available to show homes seven days a week. It takes time to find the right home, and sometimes it can be several days between a written offer and final acceptance, so you don't want to wait until the last minute.
To claim the credit you have to file a paper return; e-filing is not acceptable. You need to attach Form 5405, and include a copy of the final settlement statement for the purchase.
More tax credit information is available on the IRS Web page: http://www.irs.gov/newsroom/article/0,,id=215827,00.html
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