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Information About The New Home Buyer Tax Credits

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If you are a first time home buyer today you may already know about the $8000 first time homebuyers tax credit.

 The tax credit has been extended. 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.

Here are a few facts about $8000 tax credit:

~It is for homebuyers who have not owned a primary home in the last three years

~The tax credit is equal to 10% of the sales price up to a maximum of $8000

~The tax credit applies to homes priced @ less than $800,000

~Single tax payers income limit is $75,000 and married $150,00 if filing jointly

~You claim your credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount.

For additional facts about the extended $8000 tax credit visit www.federalhousingtaxcredit.com.

If you are looking for a home in Northern Nevada and would like to start your home search for a new home on line, visit Serving Reno and Sparksand get started now. You still have plenty of time to search your home, qualify and have plenty of time to be in your new home before the $8000 first time home buyers tax credit expires.

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The following information is for homeowners who want to move up or move down (repeat home buyers) and wish to qualify to the $6,500 tax credit.

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The Worker, Home ownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).

Here are a few facts about the $6500 Move Up/Move Down Tax Credit:

~ All buyers who are repeat homes buyers or wish to move from their current residence are all eligible to claim the $6500 tax credit.

~To qualify for the tax credit you need to have owned and resided in the same home for at least five consecutive years of the eight years prior to the purchase date.

~The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $6,500.

~The tax credit applies to homes priced at less than $800,000.

~The tax credit does not have to be prepaid

~The income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return.

For additional information about the $6500 Move up/Move down repeat home owners tax credit visit www.federalhousingtaxcredit.com.

If you are interested in moving up or downsizing to a different home and would like to search on line for a Northern Nevada home, visit Serving Reno and Sparks to start your home search right now. You still have plenty of time to search for a home, qualify and still be eligible for the $6500 move up tax credit.

775-846-5424 Email Terrie Leighton, Ferrari-Lund Real Estate

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Information about the new home buyer tax credits

 

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Comment balloon 5 commentsTerrie Leighton • November 22 2009 11:20AM

Comments

Hi Terrie.  Nice clean presentation of important information.

Keep up the great work.

Ken

Posted by Ken Tracy, Helping clients buy and sell since 2005 (Keller Williams Realty Infinity) almost 9 years ago

Nicely spelled out Terrie, I will re-blog later in the week....Thanks!

Posted by Sidney Kutchuk - Realty Works Temecula Kutchuk - Realty Works Temecula, Realty Works Temecula (Realty Works Temecula) almost 9 years ago

Wonderful blog Terrie (psst - check your headline) and then I will reblog ;-)

Posted by Christianne O'Malley, Exceptional Service - Delivering Results in Reno! (RE/MAX Realty Affiliates) almost 9 years ago

I didn't realize the small detail of the house being able to go up to $800,000!  WHOA & NICE!  Thanks for informing me!

Posted by Renée Donohue, Las Vegas Real Estate Broker - www.urLVhome.com (Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate) almost 9 years ago

Thanks Ken!

Jane ~ I hope this tax credit information will be helpful to home buyers.

Christianne~ Mucho Gracias! I missed the spelling error.

Renee ~ Can you imagine, first time home buyer buying a $800,000 property? Must be nice!=)

Posted by Terrie Leighton, Reno Real Estate Agent ~ Selling Homes in Reno (Ferrari-Lund Real Estate ) almost 9 years ago

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