FIRST-TIME HOMEBUYER TAX CREDIT  

Home Buyers: Tax Credits Provide Outstanding Opportunities for you.

The Worker, Homeownership, and Business Assistance Act of 2009 extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers.

Watch the IRS video explaining the credit.

The Worker, Homeownership, and Business Assistance Act of 2009 extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit applied to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract was signed by April 30, 2010, a home purchase completed by June 30, 2010 did qualify.

For sales occurring after November 6, 2009, the Act established income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.

The income limits for sales that occurred on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.

Read more at the IRS website.

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