What it is: Part of the Financial Stimulus Package for 2009
Who it’s for: Homebuyers who have not lived in a home they owned at any time during the past three (3) years, and current homeowners who have lived in their homes for five of the last eight years.
What it does: Provides either an $8000 tax credit for the first time buyer, or $6500 for current homeowners who purchase a home and meet other criteria at any time from April 30, 2010 until April 30, 2011 IF YOU ARE MILITARY OR EXEMPT AS PER BELOW!!
What’s a “Tax Credit”?: This is real cash! At the end of the year, when you file your taxes, you will get credit for $8000. If you owe $4000 in taxes, for instance, those taxes will be wiped out. You will owe nothing! But even better is that you will then receive a check for an additional $4000!! All of this for merely buying a home during the year 2009.
Recent news on the homebuyers tax credit!!!
$8000 tax credit has EXPIRED with exceptions for military personnel! It will include the same provisions for first time homebuyers, and an additional benefit to existing homeowners who have lived in their home five of the least eight years. These current owners are eligible for a $6500 tax credit with the purchase of another home.
Extension of Tax Credit Deadlines
- The deadline passed for almost everyone on April 30, 2010, BUT…
- However, for qualified service members who are ordered on a period of official extended duty, these dates are extended for one year. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011.
- A person who is forced to return to the U.S. for medical reasons before completing an assignment of at least 90 days of qualified official extended duty outside of the United States may qualify for the one-year extension.
Definitions
- “Qualified service member” means a member of the uniformed services of the U.S military, a member of the Foreign Service of the U.S., or an employee of the intelligence community.
- “Official extended duty” means any period of extended duty outside of the United States for at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010.
There are limits. Homes must not exceed $800,000 in price. Buyers must make no more than $125,000 in income for individuals, or $225,000 as joint filers to qualify.
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$8000 Buyers Tax Credit Overview Chart
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