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HomeBuyerTaxCredit.com

Home Buyer Tax Credit Overview of Changes

Original 2008 Legislation March 2009 Revised Legislation November 2009 Revised Legislation
Dates Applied First-Time Home Buyers, closing between April 8, 2008 and December 31, 2008. First Time Home Buyers, closing between January 1, 2009 and November 6, 2009 First Time Home Buyers, closing November 7, 2009 and June 30, 2010 Repeat or “Step Up” Home Buyers, closing between November 7, 2009 and June 30, 2009
Credit Amount A tax credit of 10% of purchase price, up to $7,500, but acts as an interest-free loan that must be paid back over 15 years. Tax credit of 10% of purchase price, up to $8,000. Tax credit of 10% of purchase price, up to $8,000. Tax credit of 10% of purchase price, up to $6,500.
Deadlines Must close between April 8, 2008 and December 31, 2008 (originally July 1, 2009, but superseded by March 2009 legislation). Must close between January 1, 2009, and November 6, 2009 (originally November 30th, but superseded by the November 6, 2009 legislation). Must be in contract by April 30th 2010, and close by June 30, 2010. Must be in contract by April 30th 2010, and close by June 30, 2010.
Who Qualifies Cannot have lived in a home you owned in the three years prior to closing on your qualifying home purchase. Cannot have lived in a home you owned in the three years prior to closing on your qualifying home purchase. Cannot have lived in a home you owned in the three years prior to closing on your qualifying home purchase. If you previously owned a home within the past three years, you must have lived in the home you owned for five consecutive years out of the last eight.
Income Restrictions A “modified adjustable gross income” of $75,000 for single filers, and $150,000 for joint filers, with a partial tax credit for people whose income is within $20,000 of limits. A “modified adjustable gross income” of $75,000 for single filers, and $150,000 for joint filers, with a partial tax credit for people whose income is within $20,000 of limits. A “modified adjustable gross income” of $125,000 for single filers, and $225,000 for joint filers, with a partial tax credit for people whose income is within $20,000 of limits.
Major Restrictions Not a true tax credit: functions as an interest-free loan that must be paid back over 15 years.

Cannot buy a home from a close relative.

Cannot sell or move out of the home for at least three years after closing.
Cannot buy a home from a close relative.

Cannot buy a home from a corporate entity that you own more than 50% of.

Cannot sell or move out of the home for at least three years after closing.
Cannot be a dependent on someone else’s tax return, or under the age of 18.

Cannot buy a home from a close relative.

Cannot buy a home from a corporate entity that you own more than 50% of.

Cannot buy a home for $800,000 or more.

Cannot sell or move out of the home for at least three years after closing.
What Homes Apply Single-family homes, condominiums, cooperative apartments, multi-family homes, houseboats, and affixed mobile homes and trailers. Single-family homes, condominiums, cooperative apartments, multi-family homes, houseboats, and affixed mobile homes and trailers. Single-family homes, condominiums, cooperative apartments, multi-family homes, houseboats, and affixed mobile homes and trailers.
For a limited time, you may qualify to receive up to an $8,000 tax credit when you purchase an eligible home and meet specific criteria.
Are you eligible? - Start Eligibility Test
Connect with a Realtor - We'll match you with an expert Realtor in your area to assist you in finding a home before the tax credit expires. We can find you an excellent Realtor® in your area to assist you in finding your home before the tax credit expires.
Video Archive
Seven Ways to Make Sure You Meet Your
Seven Ways to Make Sure You Meet Your Home Buyer Tax Credit Deadlines
Added: 03/12/2010
How can you make sure you're i...
Am I Eligible for the Home Buyer Tax
Am I Eligible for the Home Buyer Tax Credit?
Added: 03/07/2010
This video reviews all the fun...
What is the Marriage Penalty in the Home
What is the Marriage Penalty in the Home Buyer Tax Credit?
Added: 03/07/2010
The Home Buyer Tax Credit has...
Am I a Long Time Homeowner for the
Am I a Long-Time Homeowner for the Home Buyer Tax Credit?
Added: 03/07/2010
What constitutes a long-time h...
Am I a First Time Home Buyer for
Am I a First-Time Home Buyer for the Home Buyer Tax Credit?
Added: 03/07/2010
What constitutes a first-time...
What are the Income Limitations in the Home
What are the Income Limitations in the Home Buyer Tax Credit?
Added: 03/07/2010
How much money can you make an...
IRS Rules for Claiming the Home Buyer Tax
IRS Rules for Claiming the Home Buyer Tax Credit
Added: 03/07/2010
How do you claim the Home Buye...
SevenWays to Meet Your Home Buyer Tax Credit
SevenWays to Meet Your Home Buyer Tax Credit Deadlines
Added: 03/07/2010
With the Home Buyer Tax Credit...
Buying with a Partner and Claiming the Home
Buying with a Partner and Claiming the Home Buyer Tax Credit
Added: 03/07/2010
Can you get the Home Buyer Tax...
Investing in Real Estate Through the Home Buyer
Investing in Real Estate Through the Home Buyer Tax Credit
Added: 03/07/2010
How can you use the Home Buyer...
Five Things to Know About the Home Buyer
Five Things to Know About the Home Buyer Tax Credit
Added: 01/11/2010
Married Couples and the Home Buyer Tax Credit
Married Couples and the Home Buyer Tax Credit
Added: 01/11/2010
How to Use the Home Buyer Tax Credit
How to Use the Home Buyer Tax Credit to Invest, Buy for Someone Else, or Downsize
Added: 01/11/2010
Fox Business Interview with Greg Rand from Better
Fox Business Interview with Greg Rand from Better Homes and Gardens Rand Realty
Added: 01/10/2010
IRS Recovery Video Series Announcing New Home Buyer
IRS Recovery Video Series Announcing New Home Buyer Tax Credit
Added: 01/10/2010
IRS Recovery Video Series on How to Claim
IRS Recovery Video Series on How to Claim the Home Buyer Tax Credit
Added: 01/10/2010
IRS Recovery Video Series for Special Rules for
IRS Recovery Video Series for Special Rules for Military Personnel and other Government Employees
Added: 01/10/2010
National Home Builders of America Explanation of the
National Home Builders of America Explanation of the Home Buyer Tax Credit
Added: 01/10/2010
Fox 2 News in St. Louis Interview with
Fox-2 News in St. Louis Interview with Brian McCrae on Home Buyer Tax Credit
Added: 01/10/2010
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About HomebuyerTaxCredit.com
The Home Buyer Tax Credit provides a tax credit of 10% of the purchase price a home up to $8,000 for first-time home buyers and $6,500 for “step-up” home buyers who are long-time homeowners. Both the first-time home buyer tax credit and the long-time homeowner tax credit are available for eligible buyers who are in contract by April 30, 2010 and closed by June 30, 2010. Please note that we have created this site to provide information only, and not to provide tax advice, and that you should not rely on the information on the site. Please discuss your tax matters with your accountant or financial advisor.

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