Details of the First Time Homebuyer Tax Credit and NEW Existing Home Buyer Tax Credit

<h1>Details of the First Time Homebuyer Tax Credit and NEW Existing Home Buyer Tax Credit</h1>Author: <a title="Terry S. Smith" href="http://www.articlesbase.com/authors/terry-s.-smith/249555.htm">Terry S. Smith</a> I came across a great website over the weekend <a href="http://www.federalhousingtaxcredit.com." target="_blank">www.federalhousingtaxcredit.com.</a> This website is sponsored by the National Association of Home Buyers. Below is the information on the extended home buyer tax credits. $8,000 First-time Home Buyer Tax Credit 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.About the Author: Terry S. Smith is an Associate Broker for DPR Realty LLC in Scottsdale Arizona. He can be reached at (602) 763-1858 
or <a href="mailto:Terry@AZLenderForeclosure.com">Terry@AZLenderForeclosure.com</a> His web site allows buyers to search homes in Scottsdale Arizona based on Pre-Foreclosure, Short Sale, or Bank Owned Properties according to zip code.
<a target="_blank" href="http://www.ScottsdaleLenderForeclosure.com">http://www.ScottsdaleLenderForeclosure.com</a> Article Source: <a href="http://www.articlesbase.com/">ArticlesBase.com</a> - <a href="http://www.articlesbase.com/ask-an-expert-articles/details-of-the-first-time-homebuyer-tax-credit-and-new-existing-home-buyer-tax-credit-1444009.html" title="Details of the First Time Homebuyer Tax Credit and NEW Existing Home Buyer Tax Credit">Details of the First Time Homebuyer Tax Credit and NEW Existing Home Buyer Tax Credit</a>

I came across a great website over the weekend www.federalhousingtaxcredit.com. This website is sponsored by the National Association of Home Buyers. Below is the information on the extended home buyer tax credits.

$8,000 First-time Home Buyer Tax Credit

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.

Terry S. Smith is an Associate Broker for DPR Realty LLC in Scottsdale Arizona. He can be reached at (602) 763-1858 or Terry@AZLenderForeclosure.com His web site allows buyers to search homes in Scottsdale Arizona based on Pre-Foreclosure, Short Sale, or Bank Owned Properties according to zip code. http://www.ScottsdaleLenderForeclosure.com

Rate this Article:

0 / 5 stars - 0 vote(s)

Re-Publish

Article Source: http://www.articlesbase.com/ask-an-expert-articles/details-of-the-first-time-homebuyer-tax-credit-and-new-existing-home-buyer-tax-credit-1444009.html

Article Tags: 8, 000 Tax Credit, Existing Homebuyers Tax Credit

Related Videos
Related Articles
Ask / Related Q&A

Play

How to Claim Tax Credits

Play

How to Know if You Qualify for Tax Credits

Play

The Truth About Your Taxes

Play

Hope and Lifetime Learning Credits

Play

How to Insulate your Attic

Latest Ask an Expert Articles
More from Terry S. Smith

Renters Insurance, Are You Protected?

By: Robert Barabash | 22/11/2009
Your landlord covers the insurance on the home or apartment that you live in but you need renters insurance to cover your personal property. Renters insurance may also pay for accidents that happen on your property or damage to others' property.

Cannot decide between an internet home based business or a cash gifting program Read this

By: Jeff Szabone | 20/11/2009
Are you wondering if you should get involved in a cash gifting program or a Internet home based business? This article will help you to understand the difference between the two and find out why there is so much buzz, and sensation around cash gifting programs!

How To Sell Security Services

By: Romeo Richards | 19/11/2009
The challenge for us as security professionals is to be able to make security buyers understand the added value that we bring to their business. The big question now is.... how do we do that? For some security organisations, acquiring numerous industry accreditations is the answer. Some security organisations have ACS, Safe Contractors, ISO, NSI, Skills for Security, BSIA, Investor in People and heaven knows what else.

▬►Sports Betting Champ PhD Graduate Spills the Beans On A Proven System

By: angela b | 19/11/2009
Current 2009-10 NBA season as of 11/19/2009 : 10 wins - 0 Losses 2009 MLB season: 49 wins - 0 Losses 2008-09 NBA season: 79 wins - 0 Losses 2007-08 NBA basketball season: 80 wins - 1 Loss 2008 MLB baseball season: 43 wins - 0 Losses

How Confident Do You Sound in Your Job Interviews?

By: Nancy Daniels | 19/11/2009
Many years ago when I was fresh out of graduate school, I applied for my first ‘real’ job in New York City at G. Schirmer, the largest publisher of classical sheet music in the States. What I didn’t know then was that my speaking voice was my greatest asset in attaining employment with that firm. I sounded confident; I sounded like I knew what I was talking about; and, I was only 24 years old.

How to choose a debt advisory services

By: Jstrange | 17/11/2009
Debt management plans are a good option if your financial problems are temporary and the situation is likely to improve in the near future. If you are seeking help from a Debt Advisory Firm, There are several factors to consider when choosing a debt advisory service including:

Asset Management: Your Knowledge

By: Margaret Prusan | 16/11/2009
As your business' CEO, your role is to grow your business, be the face of your business and develop new products or services.That means imparting your knowledge to your team so they can handle the day-to-day of your business without you.

What Buyers Should Know Before Purchashing A Minnesota Home

By: Gen Wright | 16/11/2009
If you are thinking about purchasing a home in Minnesota there are a few things you should know. Here is a list of items that will help you to have a stress free home buying experience.

Top 10 tips to Buying Foreclosures in Scottsdale

By: Terry S. Smith | 04/10/2009 | Real Estate
In this article I’m going to cover how to buy Scottsdale Foreclosures the right way. Buyer’s sometimes do not realize that buying homes from the bank is different than buying a Scottsdale home from a traditional seller off the MLS. This short article will help you get the deal of a lifetime.