Homebuyer Federal Tax Credit Extended and Expanded

If you’re considering buying a home, now is the time! The $8,000 federal tax credit for new homebuyers—which was to expire November 30, 2009—has been extended through April 30, 2010. In addition, it’s been expanded to include a $6,500 tax credit for existing homeowners who buy a home as well.

Homebuyers Tax Credit for New Homeowners

To qualify for the $8,000 new homebuyer tax credit:

  • You can’t have owned a home in the past three years.
  • The house you purchase must cost $800,000 or less and serve as your primary residence.
  • The purchase must be made between January 1, 2009 and April 30, 2010.
  • You must live in the home for at least three years after purchase.
  • Your income can’t exceed the maximum amount allowed.

For more information, check out our article on:
How to Claim the Federal Homebuyer Tax Credit for New Homeowners

Homebuyers Tax Credit for Existing Homeowners

To qualify for the $6,500 tax credit for current homeowners:

  • You must have owned your present home for at least five years.
  • The house you purchase must cost $800,000 or less and serve as your primary residence.
  • The purchase must be made between November 7, 2009, and April 30, 2010.
  • You must live in the home for at least three years after purchase.
  • Your income can’t exceed the maximum amount allowed.

For more information, go to our article on:
How to Claim the Federal Homebuyer Tax Credit for Existing Homeowners

Previous articleWhat a Win!
Next articleHow to Paint Aluminum Siding
Backed by his 40-year remodeling career, Danny served as the home improvement expert for CBS’s The Early Show and The Weather Channel for more than a decade. His extensive hands-on experience and understanding of the industry make him the go-to source for all things having to do with the home – from advice on simple repairs, to complete remodels, to helping homeowners prepare their homes for extreme weather and seasons.

LEAVE A REPLY

Please enter your comment!
Please enter your name here