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Buyers purchasing homes on or before December 31, 2009 may claim the credit on their 2009 tax returns. Buyers purchasing in 2010 will have the option to: * Claim the credit on their 2009 return, even if the purchase is completed after December 31, 2009; The new tax credit extends the First-Time Home Buyer Tax Credit of up to $8,000. As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation to continue tax credits for those ready to invest in residential real estate. If you want to take advantage of the $8,000 tax credit, don’t wait any longer. Lenders can now provide short-term loans to first-time borrowers eligible for the $8,000 home buyer tax credit. HUD did not estimate how many FHA buyers would benefit from tax-credit advances. FHA borrowers relying on the lender to finance the tax credit will have to come up with their own money for the 3.5% down payment. But after that, they can use the proceeds from the short-term loans to increase their down payments, cover their closing costs or buy-down their mortgage rate. 2009 Homebuyer tax credit: 1. Who is eligible to claim the tax credit? First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, [...] Final Score = $8,000 for first time buyers Here are the main points: 1. First time homebuyer: defined as someone who has not owned a principal residence during the 3 year period prior to the purchase of a new or resale home. Tax Credits and Energy Efficiency are a great mix. First Time Home Buyer Tax Credit Rebate Just in case you need additional incentive to stop paying rent and purchase a home of your own, there’s a nice windfall for some home buyers in the awaiting economic stimulus bill. First time home buyers will be able to claim a tax credit worth up to $8,000 -or [...] In 2008, Congress enacted a $7500 tax credit designed to be an incentive for first-time homebuyers to purchase a home. The credit was designed as a mechanism to decrease the over-supply of homes for sale. For 2009, Congress has increased the credit to $8000 and made several additional improvements. This revised $8000 tax credit applies [...] |
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