GREAT NEWS: Extended $8,000 First-Time Homebuyer and New $6,500 Repeat Homebuyer Federal Tax Credits

The federal government has just expanded (and extended) the Worker, Homeownership, and Business Assistance Act of 2009, as follows:

  • Qualified first-time homebuyers purchasing a principal residence may be eligible for up to $8,000 federal tax credit. “First time” means buyer has not owned a principal residence during the three-year period prior to the purchase. The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000. For sales occuring after November 6, 2009, the income limit for single taxpayers is $125,000 while the limit for married taxpayers filing a joint return is $225,000. The buyer can buy any kind of home whether new or resale provided the purchase price is less than or equal to $800,000.


  • Qualified current homeowners looking to purchase a home, may be eligible for up to $6,500 federal tax credit. They are also called repeat homebuyers. They can purchase any kind of home whether single-family detached, townhouse, condominium, manufactured home (mobile home), and houseboat as long as it will be used as a principal residence and the purchase price is less than or equal to $800,000. The home buyer should have owned and resided in a home for at least five consecutive years of the eight years prior to the purchase date of the next home. The federal tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500 credit. The income limit for single taxpayers is $125,000, whereas, the limit for married taxpayers filing a joint return is $225,000.


You must sign a binding contract by April 30, 2010 and close by June 30, 2010.

It is recommended that you consult a qualified tax advisor or legal professional about your specific situation.

Isn't this great?  Hurry if you are planning to buy a home.  Time is running.  It may not be extended again.

More by this Author

  • Beautiful Places to Visit in the Philippines
    19

    Boracay is an island located south of Manila. In 1990, it was voted by the BMW Tropical Beach Handbook as one of the best beaches in the world. In 1996, it was voted by British publication TV Quick as the world's number...

  • Pork Menudo – Easy Filipino Recipe
    16

    Pork Menudo is a favorite Filipino dish which can be served on a day-to-day meal or for gatherings or special occasions. This sounds like Spanish food but it's actually Filipino style. The food...

  • Filipino Food in English Terms
    20

    Filipino food fiesta.. hmmm delicious! Here are some Filipino or Tagalog words used in Food Recipes and their corresponding English translation, definition, or meaning: achuete - annatto; red seeds used to...


Comments

No comments yet.

    Sign in or sign up and post using a HubPages Network account.

    0 of 8192 characters used
    Post Comment

    No HTML is allowed in comments, but URLs will be hyperlinked. Comments are not for promoting your articles or other sites.


    Click to Rate This Article
    working