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First time home buyer tax credit

 FIRST TIME HOME BUYERS CREDIT HAS BEEN EXTENDED

The real reason behind the mortage crisis

5 facts about the 2009 tax credit for first time home buyers  The tax credit included in the economic stimulus. This credit is equivalent to 10 percent of the purchase price of the home--although it's capped at $8,000--and applies only to first-time home buyers and principal residences. This does not have to be repaid.

The buyers should consult their tax advisor.

• Buyers must have a signed contract by April 30^th and must close by June 30^th.  I like how they actually provided a processing period in there this time around.  Everything was getting pretty crazy around here, trying to get everyone closed in time to take advantage of the credit!
• The income limits have been expanded.  Single buyers can make up to $125,000 and married couples can earn up to $225,000.
• First time buyers are identified as anyone who hasn’t owned a property in the last 3 years.  No changes here…
• Anyone that has owned and occupied a home for 5 out of the last 8 years can take advantage of a $6,500 tax credit.  Obviously, this is the new feature, and it’s great!!

 1. First time buyers defined: For the purpose of this legislation, a "first-time home buyer" is someone who hasn't owned a principal residence for three years before buying a house. (The date of purchase is considered the day that the title is transferred.) That means if you've owned a vacation home--but not a principal residence--within the past three years, you would still qualify for the credit.

2. Refundable: Because the tax credit is "refundable," qualified buyers can take advantage of it even if they don't have much tax liability.

3. Recapture: Buyers have to own the home for at least three years in order to capitalize on the credit. If they sell the home before then, they will have to return the credit to the government. (Exceptions will be made in certain cases, such as death or divorce.)