The Home Buyer Tax Credit

Charlotte First Time Home Buyer Information

On November 7, 2009, Congress and the President signed an extension to the $8,000 Home Buyer Tax Credit and added expanded provisions to cover existing home owners as well. Below is a brief summary of the changes:

Feature
December 1 - April 30, 2010 Rules Enacted as of November 2009
First-Time Buyer Amount of Credit
$8000 ($4000 married filing separate)
First-time Buyer Definition of Eligibility
May not have owned a home for 3 years prior to purchase
Current Homeowner Amount of Credit:
$6500 ($3250 married filing separate)
Termination of Credit
Purchases after April 30, 2010
Closing Time
As long as a written contract was enacted prior to April 30, 2010, the purchaser will have until July 30, 2010 to close. Active Duty Military have until April 30, 2011
Income Limits
$125,000 - single
$225,000 - married
Additional $20,000 phase out
Limitation on Cost of Purchased Home
$800,000
Anti-fraud Rule
Purchaser must attach documentation of purchase to tax return

 

 

Questions about the Home Buyer Tax Credit

Q. Is it just for first time home buyers?
A. No. The government defines a first time home buyer as someone who has not owned a home in the last three years.

Q. Do you have to be a first time home buyer to receive the credit?
A. No. Current homeowners or those who have owned a home in the last three years, that meet the income requirements, may still claim up to $6,500.

Q. Can the home buyer tax credit be used as a substitution for a down payment?
A. Yes but not in North or South Carolina and only with a FHA loan through that state's Housing Finance Agency.

Q. How do I Claim the Tax Credit?
A. Visit http://www.irs.gov/newsroom/article/0,,id=204671,00.html for information on how to claim the tax credit.

 Topics

The Home Buyer Tax Credit

Schedule a Buyer Consultation

Attend a Home Buyer Workshop

Finding a Real Estate Consultant

The Mortgage Approval Process

Let the Home Search Begin!

Making an Offer

We Have a Contract. Now What

The Final Week

The Closing: Home is Yours

Real Estate Terms

Free Downloads for First Time Home Buyers

First Time Home Buyer Blog Posts