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 Hans Brings of Coldwell Banker Residential Brokerage for more information
at 617-968-0022 or hans@hansbrings.com
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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. |
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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 |
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Limitation on Cost of Purchased Home |
None |
$800,000 Effective Date of Enactment |
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Purchase by a Dependent |
No Provision |
Ineligible Effective Date of Enactment |
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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®
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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.
Contact Hans Brings of Coldwell Banker Residential Brokerage for more information
at 617-968-0022 or hans@hansbrings.com
The information in this flyer is not to be construed as legal or tax advice.