Julie Johnson

Better Homes & Gardens Real Estate | David Winans & Associates

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Expanded Tax Credit for First Time Home Buyers

January 8th, 2010 · 1 Comment · Economy, Taxes

Great news for those who missed out on the new home buyers tax credit! Home buyers can take advantage of the extended new home buyers tax credit, up to $8,000 (or 10% of the purchase price), until April 30, 2010 . Additionally, existing homeowners can also take advantage of a new tax credit up to $6500 (or 10% of the purchase price) if they have lived in their existing home for 5 years and are purchasing a new primary residence.

There are stipulations to these credits though. Your contract to purchase must be written by April 30, 2010 and the deal must close by July 1, 2010 in order to claim the credit and the credit is less for those in the higher income brackets. This credit does not have to be repaid.

Tags: buying a home·existing homeowners·first time home.expanded tax credit·home buying·homes·Real Estate·Tax credit

One Comment so far ↓

  • nikki buck

    i was wanting to know i bought a house last year i got the money from my s.s.after them owing me for 3yrs i put 16,000 down i owe 10,000 can i qualify for that tax credit? s.s means social security

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