The $8,000 First Time Home Buyer Tax Credit deadline is April 30, 2010. If a contract is signed by April 30th a home purchase completed by June 30, 2010 will qualify. The IRS defines a first time buyer as someone who has not owned a principal residence during the 3 year period prior to the purchase.
What types of homes will qualify for the tax credit?
A home used as the principal residence & one that is purchased for a price less than or equal to $800,000. This includes single-family detached homes, attached homes such as townhouses & condos. It is important to note that you cannot purchase a home from other family members, your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse or your spouse’s family members. Please consult with your tax advisor with specific questions & circumstances.
Questions about the $6,500 Move-Up/Repeat Home Buyer Tax Credit?
Buyers must have owned & lived in their previous home for 5 of the last 8 years. This credit does not have to be repaid unless the home is sold or ceases to be used as the buyer's principal residence within 3 years after the initial purchase. The tax credit applies only to homes at $800,000 or less.
Click this link for more info on the Home Buyer Tax Credits:
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