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,000 First-time Home Buyer Tax Credit summary This is a summary:

Author: Jim Pendleton-MrMortgageTM    first time home buyer tax credit

  • Here is the $8,000 tax credit designed for first-time home buyers only. We must understand how the first time home buyer tax credit program is defined. According to the IRS, which defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase period.

  • One important aspect of the tax credit is, You do not have to ever be repaid, with this one condition, if the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase, repayment is required.
  • How the tax credit is determined for first time home buyer is based on an amount equal to 10 percent of the home’s purchase price up to a maximum of $8,000, so a $100,000  X 10% = $10,000 then the maximum credit would be $8,000.
  • The tax credit available only to homes priced at $800,000 or less.
  • Here is the dates 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.
  • There is also income limits for homes purchased on or after January 1, 2009 and on or before November 6, 2009, the maximum income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
  • There is also income limits for homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

Here is the $6,500 Move-Up / Repeat Home Buyer Tax Credit 

  • 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 is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
  • One important aspect of the tax credit is, You do not have to ever be repaid, with this one condition, unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
  • Review this, the tax credit applies only to homes priced at $800,000 or less.
  • The dates for the credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
  • There is also income limits as follows: Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The new tax credit act called 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.

Here is how 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.

It applies to sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.

The other important questions is: Are there any income limits for claiming the tax credit?
For sales occurring after November 6, 2009, the income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income of more than $125,000 for single taxpayers and $225,000 for married taxpayers filing a joint return. The phase-out range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with income of more than $145,000 (single) or $245,000 (married) and is reduced proportionally for taxpayers with incomes between these amounts.

 

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