The vote is in.
The 2009 Homebuyer Tax Credit has been extended.
The Homebuyer Tax Credit is a credit made available through the American Recovery and Reinvestment Act of 2009.
The act provides for relief from the consequences of the recession we are in.
The Homebuyer Tax Credit portion is aimed at stimulating the housing market.
There are two key dates everyone will want to pay attention to.
The first date is April 30th 2010.
This is the date that you must be in contract on a property.
The second date is June 30th 2010.
This is the date you must close on your property.
If you meet these two dates, have not owned a home in the last 3 years prior to your closing date, and you meet the income requirements for your filing status then you are eligible to receive a tax credit of 10% of the purchase price up to $8,000.
The credit is now also available to people who already own a home.
The amount of the credit is $6500 and the requirements are to have lived in a home for 5 of the last 8 years and meet the income requirements.
Once one has met the requirements of the act, they can apply for the credit by filing form 5405 with your tax return.
This credit can be claimed on either your 2008 form or your 2009 tax return.
If you purchase the home under the extension and buy a home in 2010, you can claim the credit on your 2009 tax return or your 2010 tax return.
This credit doesn't have to be repaid like the one that was given in 2008.
The exception is if the home you purchase ceases to remain your personal residence for at least 36 months.
The full amount of the credit is due if you move out before the 36 month period.
The government is making it extremely lucrative for many Americans to make some purchases and do some of life's everyday things.
If you are in a position to take advantage of these provisions, I would suggest you do so.
The 2009 Homebuyer Tax Credit has been extended.
The Homebuyer Tax Credit is a credit made available through the American Recovery and Reinvestment Act of 2009.
The act provides for relief from the consequences of the recession we are in.
The Homebuyer Tax Credit portion is aimed at stimulating the housing market.
There are two key dates everyone will want to pay attention to.
The first date is April 30th 2010.
This is the date that you must be in contract on a property.
The second date is June 30th 2010.
This is the date you must close on your property.
If you meet these two dates, have not owned a home in the last 3 years prior to your closing date, and you meet the income requirements for your filing status then you are eligible to receive a tax credit of 10% of the purchase price up to $8,000.
The credit is now also available to people who already own a home.
The amount of the credit is $6500 and the requirements are to have lived in a home for 5 of the last 8 years and meet the income requirements.
Once one has met the requirements of the act, they can apply for the credit by filing form 5405 with your tax return.
This credit can be claimed on either your 2008 form or your 2009 tax return.
If you purchase the home under the extension and buy a home in 2010, you can claim the credit on your 2009 tax return or your 2010 tax return.
This credit doesn't have to be repaid like the one that was given in 2008.
The exception is if the home you purchase ceases to remain your personal residence for at least 36 months.
The full amount of the credit is due if you move out before the 36 month period.
The government is making it extremely lucrative for many Americans to make some purchases and do some of life's everyday things.
If you are in a position to take advantage of these provisions, I would suggest you do so.