Thursday, June 24, 2010

Deadline for claiming Home Buyer Credit



For those who wish to claim the first-time homebuyer credit, the deadline for closing, or going to settlement, on a principal residence you purchased is June 30, 2010.

In addition, you must have entered into a binding contract to buy the residence on or before April 30, 2010.


The maximum credit amount available is $8,000 for a “first-time homebuyer” for a buyer who has not owned a primary residence during the three years up to the date of purchase.



There’s also a credit of up to $6,500 for “long-time residents” who buy a new principal residence. To qualify this way, a buyer must have owned and used the same home as a principal or primary residence for at least five consecutive years of the eight-year period ending on the date of purchase of a new home as a primary residence.



The credit is reduced or eliminated for higher-income taxpayers, based on modified adjusted gross income.

For more information on qualifying for and claiming the credit, please refer IRS website on the First-Time Homebuyer Credit.

[All the information are taken from the IRS and topic related other websites]

2 comments:

  1. Good

    There is actually an online test that you can take, that will tell you if you qualify for the foreign earned income exclusion!!! Find it here:
    http://www.taxplannercpa.com/foreign-earned-income-exclusion-eligilibility.php

    Bona Fide Residence

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  2. You made some decent points there. I looked on the internet for the issue and found most individuals will go along with your opinion. Thanks!
    California Credit Repair

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