I understand the first-time home buyer credit has been extended to April 2010. Does anyone know what kind of changes have been made in order for me to qualify?

WiseSaver
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Jan 13, 2010 by WiseSaver
Category: Home Loans

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Ron Lowell
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Advisor: Ron Lowell, Accounting
Mar 1, 2010  
* The $8,000 tax credit, first-time buyers, has been extended through April 30, 2010.

* Current homeowners eligible for a $6,500 tax credit, provided you have resided in the home you are selling as principal residence for 5 consecutive years within the last eight years.

* Income limits -increased from $75,000 to $125,000 for single buyers; -$150,000 to $225,000 for married couples.

* Time added to allow for closing the home purchase. Must have a binding contract by April 30, you will have until June 30, 2010, to close the transaction.

* To qualify, the home must be your primary residence and have a purchase price of $800,000 or less.



Ronald J. Lowell

Your Remote Controller LLC

yourremotecontroller@nc.rr.com

919-604-3575
Telesky Financial Services
0 Votes
The federal credit has been extended and people can bring the credit back into 2009 for that tax return or leave it for the 2010 tax return.
Kurt E Giebel
0 Votes
Advisor: Kurt E Giebel, Accounting
Feb 1, 2010  
The first time homebuyer now applies to anyone owning a home. Currently who has a house is now able to receive a $6,500 tax credit in addition to a true first-time buyer who is eligible for a $8,000 credit.
Mary Starkey
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Mary Starkey
Jan 28, 2010  
A first time homebuyer needs to have a home under contract by April 30th and then close by July 30th to recieve a tax credit of 10% of price of home up to $8000.

The tax credit now includes sellers who have owned their home for 5 years who sells and buys another home. Once again the tax credit is 10% up to $6500.
NCR Credit Plus
1 Votes
Advisor: NCR Credit Plus, Credit Repair
Jan 28, 2010  

* The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.

* The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.

* The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

* The tax credit applies only to homes priced at $800,000 or less.


* 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.


* For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.


* 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.


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Tax Advisors
1 Votes
Advisor: Tax Advisors, Tax Planning
Jan 21, 2010  
Quick reference to all 3 credits: First-time Homebuyer Credit Comparison Chart.
Bogie Boric
0 Votes
Advisor: Bogie Boric, Tax Planning
Jan 19, 2010  
Bruce Horn
0 Votes
Advisor: Bruce Horn, Real Estate
Jan 15, 2010  
The limits on what you can make has been upped to $125K for singles and $225K for couples although you may get a partial tax credit if you exceed these limits. Couple this with a 203k FHA loan and you can get a great deal on a fixer upper! Simply put, the 203k will roll any updating or repair costs into the loan and you can find a great location that needs work and get that work done!
Frida Ziegler
0 Votes
Frida Ziegler
Jan 14, 2010  
Among other things, the credit has been expanded to include current homeowners and the income limits have been raised. For a complete overview, go to: www.VeryBestProperties.com