Homebuyers Tax Credit

Stimulus Tax Credit - Receive up to $8,000!

The Homebuyer’s Tax Credit was signed into law on November 6, 2009 and extends the federal tax credit through April 30, 2010.  Key features of this new law:

- first-time home buyers will continue to be eligible for a tax credit of up to $8,000

- existing homeowners will be eligible for a reduced credit of up to $6,500; in order to qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years.

- the qualifying income limits under the old bill ($75,000 for single tax filers and $150,000 for joint filers) was INCREASED to $125,000 for single tax filers and $225,000 for joint tax filers.

- the purchase price of the home is capped at $800,000

- additional provisions included in the bill:

- taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns.

- home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

For complete information and eligibility, please visit:

http://www.irs.gov/newsroom/article/0,,id=204671,00.html

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