The Home Buyer Tax-Credit is getting more popular as we approach the Tax-Credit Deadline. As that deadline draws near, many home buyers are wondering who qualifies to get the tax credit. One common misunderstanding is that you have to be a first time home buyer…truth is, you don’t have to be a first time home buyer!
I’ve put together a simple list of basic home buyer requirements:
Home Buyer Tax-Credit Requirements
$6500 Tax Credit For ‘Repeat Buyers’:
- Must have owned and resided in your current home for 5 of the last 8 years.
- Income limits for single taxpayers is $125,000; limit is $225,000 for married taxpayers filing a joint return.
- Any Home less than $800k that will be used as a principal residence qualifies.
- Must be under contract to purchase by April 30th, 2010 and closed by June 30th, 2010.
$8000 Tax Credit For ‘First Time Home Buyers’
- All First time home buyers purchasing a new or re-sale home are eligible.
- Income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return.
- Tax credit is equal to 10% of the purchase of price of the home, up to $8000 of credit.
- Any Home less than $800k that will be used as a principal residence qualifies.
- Must be under contract to purchase by April 30th, 2010 and closed by June 30th, 2010.
For more Frequently Asked Questions, check out this site!
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Related posts:
- Breaking News: Senate Plans on Extending and Expanding The First-Time Home Buyer Tax Credit
- Home Buyer Tax Credit Extension a Reality–Expansion Joins
- Will The First-Time Home Buyer Tax Credit be Extended?
- Think Before You Buy: The Homebuyer Tax Credit is a Bonus, not a Reason
- Free Money for First Time Home Buyers : $8000 Tax Credit
{ 17 comments… read them below or add one }
I just wanted to thank you for posting this information in a clear, concise way. For whatever reason, I feel like the first time homeowners credit was very well publicized and is generally known to the public, but for some reason the repeat buyers credit is less well know. Posts like this help to solve that problem. Thanks!
I know the Tax Credit has helped out our market. I hope they extend it again. It is the only thing pushing our real estate market!
I feel doubtful they will extend it again BUT pretty certain out interest rates are going to start climbing!!! So thats a great incentive to get people off the fence if the tax incentive isn’t there for us.
The tax credit has brought lots of buyers our way. You have def. put it in layman’s terms. Some buyers just need that little extra bit to show them that it really is true and they really do qualify.
The tax credit crunch is on! I get buyers asking me questions about the credit on a daily basis. You did a great job of explaining it. I think we’ll see sales pick up through June.
This is a great posting in this blog. This is more helpful to home buyer.
Tax credit is helping the market, but is should not be the reason to purchase a home. Price point, location and the feasibility still should play a large role in the decision process. That being said it does not hurt if the time is right too purchase.
hi,
nice posting this is more helpful to home buyer and flats
Interesting how tax names might not even mean what they are called. It seems that just as long as you are purchasing a new or re-sale home. Thanks for the information .
Thanks for the usefull info. Personally , my dream is to get a house and/or loft someday soon. Preferably in Miami or north of it.
Thanks Aaron, Many borrowers don’t know that if they only use a portion of the $8,000 ($4000 for example) they can use the other $4000 for paying of a car loan or consumer debt. Now that is the way to leverage
Nice posting. The tax credits might be extended and hopefully the sales willgo up.
Its really a very informative post.
Tax Credit is nice concept of your post.
THanks
The repeat buyer tax credit is a beautiful thing!
Are These Tax Credits Over now? Were they an incentive to buy? I have clicked around related posts. The Income limits seem very high.
Thanks for the post, I can have some data now, to manage my finances
Chloe@Cape Coral Homes
It sure is true that a lot of people who have already bought a home in a past didn’t realize they would qualify. What’s worse, some people who thought they would qualify bought a house and later found out they didn’t qualify, or didn’t qualify for the whole amount. It pays to read up on government program incentives before jumping into them.