FACTS ABOUT THE HOMEBUYERS TAX CREDIT

The government has extended and expanded the $8000 tax credit for First Time Home Buyers, plus a tax credit for Move-Up / Repeat Home Buyers! Deadline: Extended for Military! Call for details : 757-639-3222

FIRST-TIME HOME BUYER:

The $8,000 tax credit is for first time home buyers only. The IRS defines a first time home buyer as someone who has not owned a principal residence during the last three years.

The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer's principal residence within three years after the initial purchase.

Single taxpayers with incomes of up to $125,00 and married couples with incomes up to $225,000 qualify for the full tax credit. 

The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sale contract is signed by April 30, 2010, the home purchase qualifies provided it is completed (closed) by June 30, 2010.

MOVE UP / REPEAT BUYER:

To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.

The tax credit does not have to be repaid unless the home is sold or is no longer used as the buyer's principal home within 3 years after the initial purchase.

The Move-Up / Repeat Home Buyer Tax Credit is equal to 10 % of the home's purchase price up to a maximum of $6,500.

The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sale contract is signed by April 30, 2010, the home purchase qualifies provided it is completed (closed) by June 30, 2010.

A.J. Williamson
Assoc. Broker, GRI, Realtor
Direct:(757) 639-3222 
AJandSarah@aol.com
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