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Updated Home Buyer Tax Credit
The extension and expansion of the homebuyers tax credit is now in effect.
It allows more first-time buyers to qualify. It also creates an entirely new
credit for existing homeowners who purchase a home (primary residence only).
Both credits expire next spring. To qualify, buyers must have a contract on a home before
May 1, 2010 and must close prior to July 1, 2010.
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Previous Provisions |
New Provisions |
| EFFECTIVE DATE |
January 1, 2009 |
November 7, 2009 |
| DEADLINE |
Close before 12/1/2009 |
Contract by 05/01/2010
Close before 07/01/2010 * |
| AMOUNT |
First-Timers: maximum of $8,000 or 10% of sales price |
First-Timers: Unchanged |
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Prior Owners: $0 |
Prior Owners: $6500 or 10% of sales price if lived in prior home for at least 5 of the past 8 years |
| INCOME LIMIT |
Individual: $75,000
Couple: $150,000 |
Individual: $125,000
Couple: $225,000 |
| OTHER RESTRICTIONS |
- - Home must be primary Residence for at least 3 Years.
- - Otherwise, must Re-pay full $8,000.
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- - Buyer must be at least 18 years old and not classified as a dependent for tax purposes
- - Home must cost less than $800,000
- - Home must be primary residence for at least 3 years.
- - Otherwise must re-pay full amount full amount of credit. **
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This is a summary of provisions and not intended to be tax advice.
Each person should consult their tax advisors for their specific circumstances.
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* Members of the uniformed services, foreign service, and intelligence employees who served an extended
service of 90 days will have until 4/30/2011 and 6/30/2011.
** Exception for military, foreign services, or intelligence with extended 90 days service overseas
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Selling Stillwater!