2010 Extension of First Time Home Buyer Tax creditGood news for First Time home buyers in 2010. The Economic Stimulus Package of Obama had offered a great incentive to qualified First Time Home Buyers by way of a refundable tax credit of $8000. This incentive has been extended to 2010 for all U.S. Citizens and in certain cases even in 2011 !. Now all qualified home purchases made on or before April 30, 2010 are eligible for $8000 housing stimulus. In order to qualify you only need to sign a binding contract by April 30 2010, and you may complete your home purchase by June 30, 2010. Moreover, certain government employees - Military, Foreign service and intelligence community have one more additional year, that is until April 30 2011 to take advantage of Home buyer tax credit. If you want to read about this tax credit extension in great detail, please visit my Home Buyer Tax Credit and its extension details for a thorough study. For just a brief overview, continue reading this post.
Continue reading if you are a potential home buyer to understand the details and deadlines you need to meet in order to qualify for the refundable tax credit of 8000 USD on your first home purchase.
Do you qualify for 2010 First Time Home Buyer Tax Credit?The criterion for qualifying for the 2010 home buyer tax credit remain the same as before. Hence, you may be interested in the old article on How to qualify for $8000 Home buyer tax credit for details. Here is a quick list of the criterion, together with the new deadline.
- You need to be a first time home buyer, which by definition means that you should not have purchased or owned a principal residence anytime in the past 3 years. (either single or joint ownership). If you are married, both you and your spouse need to be first time home buyers.
- The House must be purchased after November 2009. You need to sign a binding contract on or before Apr 30 2010. The deadline for completing the purchase of the house, once a contract is signed it June 30 2010.
- In order to qualify for the tax credit, single taxpayers should have income less than $125,000 and married tax payers must have income less than $250,000.
- Continue reading more details on the offical webpage Housing Tax Credit at a glance.
Is there a Home Buyer Tax Credit in 2010, 2011 and beyond?Some people do qualify for $8000 home buyer tax credit even one year after the deadline of April 30 2010. According to this Federal Housing Tax Credit website, qualified service members who are ordered on a period of official extended duty may be eligible for this additional one year extension. Please visit the link above to know more about Tax Credit in 2011. For general U.S. Citizens, it is unknown whether the housing tax credit will be extended even further, after Apr 30 deadline.
Must Visit - Useful Resources for First Time Home Buyers in 2010
Please take a moment to visit one or more of the following official websites on 8000 housing tax credit stimulus and its 2010 extension.
- Frequently Asked Questions on Home Buyer Tax Credit
- IRS 2010 Extension of Home Buyer Tax Credit (some current home owners qualify)
Federal Tax Breaks, IRS Tax Credits, Tax Rebates in 2009 Economic Stimulus Package and their extensions to that maybe of interest to you