$8000 & $6500 TAX CREDIT
THE CLOCK IS TICKING!
TAKE ADVANTAGE OF THE TAX CREDIT NOW!
THERE HAS NEVER BEEN A BETTER TIME TO BUY A HOME!
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers as well as a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).
For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.
The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.
Frequently Asked Questions About the 1st Time Home Buyer Tax Credit
Frequently Asked Questions About the Move-Up/Repeat Home Buyer Tax Credit
Congress has acknowledged the unique circumstances affecting members of the military, the foreign service and the intelligence community by making the following exceptions that apply to both the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers.
Special Rules for Members of the Military
**The IRS has also posted a brief YouTube video, explaining and promoting the new credit.**
If you are claiming the Homebuyer Tax Credit, the IRS has just posted an updated Form 5405 to claim that credit. You can download the form (in PDF format) by using the following link: http://www.irs.gov/pub/irs-pdf/f5405.pdf
Please contact Sydney for more information....
All information herein is believed to be accurate but is provided for general information only.
Please be sure to consult a tax adviser and other appropriate experts for your specific financial and personal situation.
Source: www.federalhousingtaxcredit.com
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