Tax Credits

The Worker, Homeownership and Business Assistance Act of 2009 extended the deadline for the First-time homebuyer tax credit. This means you still have time to take advantage of the $8000 tax credit. You must be under contract by April 30, 2010 and you must close on your home no later than June 30, 2010.

The Government considers a first-time homebuyer to be,  ”a buyer who has not owned a primary residence during the three years up to the date of purchase.” (www.irs.gov)

The Worker, Homeownership and Business Assistance Act of 2009 also extended a $6500 long-time resident tax credit to existing homeowners. To qualify, “a buyer must have owned and used the same home as a principal or primary residence for at least five consecutive years of the eight-year period ending on the date of purchase of a new home as a primary residence.” (www.irs.gov)