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Confused by the First-time Home Buyer Tax Credits? Get the full scoop.

home buyer tax credit 2010For almost two years, the Federal Goverment has offered first-time home buyers a tax credit if they purchase a home.  The parameters of the tax credit have changed quite a bit from 2008 to 2009 so there is a good chance that you are swimming in a sea of information on the internet.  To help break it down for you, to follow is a quick overview of the different programs:

 Summary of the First-Time Homebuyer Credit

2008: First-time home buyers would receive a tax credit of up to $7,500.  The credit would be PAID BACK to the government every year at tax time for 15 years (i.e you would pay back $500 per year). 

January thru November 2009: First time home buyers receive a tax credit of up to $8,000.  The credit DOES NOT need to be paid back.  Qualifying buyers must not make more than $75,000 per year ($150,000 for a married couple).  Buyers must PURCHASE their property by November 30, 2009.

December, 2009 thru April, 2010: First-time home buyers receive a up to $8,000 for first-time buyers, the credit DOES NOT have to be paid back.  Qualifying buyers can make up to $125,000 per year ($250,000 for a married couple).  Buyers must be UNDER CONTRACT on their home by April 30, 2010 and CLOSE (i.e. purchase) home by June 30, 2010.

A NEW INCENTIVE FOR CURRENT HOMEOWNERS

Nov 7, 2009 - April 2010:  Home buyers who have lived in their home for 5 of the past 8 years can get up to $6,500 if they purchase a new home.  As above, the home buyer does NOT need to pay back the credit!  The new Federal tax credit is also known as the "Repeat Buyer" or "Move up Buyer" Tax Credit.  >>> GET MORE INFORMATION ABOUT THIS TAX CREDIT

 

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Posted by:  Kerry Lucasse - Atlanta GA Real Estate Agent - Atlanta Home Search Team
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