New Homebuyer Tax Credit Extended

The New Home Buyer Credit is Extended!

  • First time home buyers receive a $8000 credit for purchase made before April 30, 2010.
  • Existing homeowners who have lived in their home more than 5 years (out of the last 8) can get a $6500 credit.
  • The credit is for couples with Adjusted Gross Income of less than $250,00 ($125,000 for individuals.)
  • The house purchased must be less than $800,000
  • The purchaser must be over 18
  • If the house is purchase prior to the tax return filing, it may be considered as purchase prior to December 31 of the previous year and included in that years tax return.

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