Friday, December 04, 2009

 

Home Buyer Tax Credit

On January 1, 2009 the new taxpayer first time homebuyer tax credit took effect. This was just extended from the old deadline of Nov 1, 2009 to April 30, 2010. This tax credit is for qualified buyers who have not lived in a principal residence in the last 3 years and the credit is for 10 % of the purchase price up to $8000.

In addition to the first time homebuyer tax credit, the congress and the president passed a second homebuyer tax credit 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 and closed by June 30, 2010 with a binding sales contract signed by April 30, 2010. This tax credit is also for 10% of the purchase price up to $6500.

For more information click on this link.

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