$8,000 Homebuyers Tax Credit

Do you have your income taxes for 2009 done?! You only have one day left until the April 15th deadline, and you can still e-file for free.   If you’re not going to get your taxes done by April 15th, you can file an IRS Tax Extension Online safely and securely with an Authorized IRS e-file Provider in only 4 minutes!

You should also think ahead to your 2010 taxes to take advantage of President Obama’s Real Estate Stimulus package.  So if you are planning to buy or build a new house (or just thinking about it), remember that written binding contracts to purchase must be signed and in effect by April 30th, 2010, and then the property must be closed on by June 30th, 2010.

Here’s an update on the nitty gritty details of who’s eligible:

For First-Time Home Buyers
Income Limits: $125,000 if single, $225,000 if married
Eligibility: May not have had an interest in a principal residence for 3 years prior to purchase
Limitation on Cost of Home Purchased: $800,000
Tax Credit Available $8,000 tax credit ($4,000 married filing separate)

For Current Qualifying Home Owners
Income Limits: $125,000 if single, $225,000 if married
Eligibility: Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years
Limitation on Cost of Home Purchased: $800,000
Tax Credit Available: $6,500 tax credit ($3,250 married filing separate)

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