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First Time Homeowners Tax Credit - Expires April 30, 2010

Posted by Breckenridge Associates Real Estate on Wednesday, March 24th, 2010 at 10:20am.

The First Time Home Buyer Credit and Expansion is set to expire at the end of April. Now is the time to take advantage of these home owner incentives.

The American Recovery and Reinvestment Act of 2009 expanded the first-time homebuyer credit by increasing the credit amount to $8,000 for purchases made prior to the June 30, 2010 deadline. Under the current law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. At this time, qualifying purchases for 2010 would be claimed on 2010 tax forms.

Additional Law Details:
-Authorizes the credit for long-time homeowners buying a new principal residence.
-Raises the income limitations for homeowners claiming the credit.
-Members of the military, Foreign Service and intelligence community serving outside the U.S. should also be aware of new benefits in the law that apply particularly to them.

Find our more and learn if you qualify for the home owners credit here.

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