Description

 Jan 1 – November 30, 2009
Rules as enacted February 2009		 December 1 – April 30, 2010
Rules as enacted November 2009
Amount or Credit
First-time Buyer 		$8000 ($4000 married filing separate) $8000 ($4000 married filing separate)
Who is Eligibility If you have not owned a primary residence for 3 years prior to purchase  -Same-
Repeat Home Buyer 
Amount of Credit		 No Provision $6500 ($3250 married filing separate)
Repeat Home Buyer
Eligibly Date  		 No Provision Date of Enactment
Repeat Home Buyer
Do You Qualify		 No Provision Must have used the home sold or being sold as a primary residence consecutively for 5 of the previous 8 years
Repeat Home Buyer
Maximum Purchase Price		 N/A There is no provision that the "repeat" homebuyer must purchase a property more expensive than the one sold. Only that the home purchase must be less than $800K.
When Does
the Program End?		 Purchases made before April 30, 2010
and closed by June 30, 2010		 Purchases after April 30, 2010
Binding Contract Before Expiration Extends Credit  None Written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close
What are your
Income Limits 		$75,000 – single,
$150,000 – married, 		$125,000 – single,
$225,000 – married,
Maximum Purchase Price To Qualify for Program None $800,000

Do You Qualify for the First Time Home Buyers $8,000 Tax Credit? 

$8,000 First-time Home Buyer Tax Credit at a Glance

  • The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
  • The tax credit does not have to be repaid.
  • The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
  • The tax credit applies only to homes priced at $800,000 or less.
  • 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.
  • For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
  • For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance

  • To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
  • The tax credit does not have to be repaid.
  • 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 only to homes priced at $800,000 or less.
  • The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
  • Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit

Now is the time to buy & get the tax credit it you qualify. 
Call Dick & Dixie Sells today 727-815-7800
or if out of Tampa Bay 800-303-4400

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