Home > $8000 First Time Home Buyer Tax Credit
$8000 First Time Home Buyer Tax Credit
The First-Time Home Buyer $8,000 Tax Credit Extension
Update 11/6/2009
The $8,000 credit, which was set to expire November 30, 2009 will be extended for first-time home buyers under contract by April 30, 2010, but you must close the sale within 60 days. You have to remain in your new home for three years or otherwise repay the credit.
Couples earning up to $225,000 and individuals up to $125,000 qualify for the break. The previous income limits were $150,000 for couples and $75,000 for individuals.
The new plan also is designed to spark interest in the sagging "move-up" market. Repeat buyers are also eligible for a $6,500 credit if you have lived in your prior home for at least five years.
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The government's First-Time Home Buyer Tax Credit expires December 1, 2009. If you expect to use the program in conjunction with a home purchase, you may want to consider yourself officially "on the clock". The First-Time Home Buyer Tax Credit refunds up to $8,000 at Tax Time for qualified home buyers. A few of the program's qualification criteria include:
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Home buyer must not have owned a primary residence in the past 36 months
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The home may not be purchased from a family member
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The household adjusted gross income must be below $95,000 for single tax filers and $170,000 for joint tax filers
The tax credit itself is limited to $8,000 or 10% of the purchase price, whichever is less. Remember, though: The refund is a true tax credit -- not a deduction. This means that a taxpayer owing $8,000 to the IRS and claiming the $8,000 First-Time Home Buyer Tax Credit would owe the IRS nothing on April 15, 2010.The complete list of qualifying criteria is also posted on the IRS website.
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Please fill out the form below to see if you quailfy for the $8,000.00 First Time Home Buyer Tax Credit.
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