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Home Buyer Tax Credit
The Time is Now.
Find out how you can get your $8000 or $6500 tax credit.
Homebuyer Tax Credit Extension & Expansion… and what it means to you.
Congress has extended and expanded the homebuyer tax credit.
Contact Lexi Crivon of Coldwell Banker Residential Brokerage for more information
at 617-796 2483 / 617 877 3748 or Lexi@LexiRealEstate.com
FEATURE |
January 1 – November 30, 2009
Rules as Enacted February 2009 |
Rules as Enacted
November 2009 |
First-time Buyer
Amount of Credit |
$8000
($4000 married filing separate) |
$8000
($4000 married filing separate) |
First-time Buyer
Definition for Eligibility |
May not have had an interest
in a principal residence for 3 years
prior to purchase |
Same |
Current Homeowner
Amount of Credit |
No Provision |
$6500
($3250 married filing separate) |
Effective Date
Current Owner |
No Provision |
Date of Enactment |
Current Homeowner
Definition for Eligibility |
No Provision |
Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years |
Termination of Credit |
Purchases after
November 30, 2009.
(Becomes April 30, 2010
on Date of Enactment.) |
Purchases after April 30, 2010 |
Binding Contract Rule |
None |
So long as a written binding contract
to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close. |
Income Limits
(Note: Increased income limits are effective as of date of enactment of bill) |
$75,000 – single
$150,000 – married
Additional $20,000 phase out |
$125,000 – single
$225,000 – married
Additional $20,000 phase out |
Limitation on
Cost of Purchased Home |
None |
$800,000 Effective Date of Enactment |
Purchase by a Dependent |
No Provision |
Ineligible Effective Date of Enactment |
Antifraud Rule |
None |
Purchaser must attach documentation of purchase to tax
return |
The information in this flyer is not to be construed as legal or tax advice. SOURCE: National Association of REALTORS®
©2009 Coldwell Banker Real Estate LLC. Coldwell Banker is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Employer. Equal Housing. Owned and operated by NRT LLC. MK0231B
Who Qualifies
Purchaser (and purchaser’s spouse) may not have owned a
principal residence in 3 years previous.
Amount of Credit Lesser of 10 percent of cost of home or $8,000.
Eligible Property
Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence. Vacation and rental properties are not eligible.
Refundable
The credit is refundable, reduces or can eliminate tax liability for 2009 or 2010.
Any unused amount of tax credit is refunded to purchaser.
Repayment
No repayment required unless home is sold within 3 years of purchase.
Then entire amount of credit is recaptured on sale. |
