2009/2010 Home Buyers $8000 Tax Credit
How Much Louder can Opportunity Knock? Mortgage interest are near historic lows... Home-price affordability is near historic highs... And now congress has extended the first-time homebyuer tax credit, AND a new tax credit for existing homeowners. It's a historic time for anyone considering homeownership ! President Barack Obama has approved the first-time homebuyer tax credit extension. -First-time homebuyers, who are defined by the law as buyers who have not owned a principal residence during the three-year period prior to the purchase, may be eligible for up to an $8,000 tax credit. -Existing homeowners who have been residing in their principal residence for five consecutive years out of the last eight and are purchasing a home to be their principal residence (“repeat buyer”), may be eligible for up to a $6,500 tax credit. -All U.S. citizens who file taxes are eligible to participate in the program. ....READ MORE: Frequently Asked Questions
Eligibility:
About the Move-Up/Repeat Home Buyer Tax Credit
The Worker, Homeownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).
The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation. ...READ MORE:
Frequently Asked Questions
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
About the First-Time Home Buyer Tax Credit
...READ MORE:
To claim the credit as part of your 2009 return, you will need: The standard Form 1040 and Form 5405 for the home buyer tax credit. ...READ MORE
Applying the Home Buyer Tax Credit to your 2008 Return
To claim the credit on your 2008 taxes, you must file an amendment to your 2008 return. To do this you will need two forms: Form 1040X for filing an amended return; and Form 5405 for the home buyer tax credit. ...READ More
