The Extended Home Buyers Tax Credit offers current homeowners and first-time home buyers alike an incredible tax-saving opportunity when they buy a home through April 30, 2010 (and close on the home by June 30, 2010). First time buyers, who haven't owned a primary residence in the past three years, are eligible for a tax credit of 10 percent of a home's purchase price, up to a maximum of $8,000.  



Current homeowners, who are vacating a principle residence that they have lived in for 5 consecutive years of the past 8 are eligible for a tax credit of 10% of a home's purchase price, up to maximum of $6,500. 


The following conditions apply:
  • The tax credit is only awarded on homes purchased for $800,000, or less
  • Full tax credit is available to buyers earning up to $125,000 a year, or $225,000 for married couples filing jointly
  • Partial tax credit is available to buyers earning between $125,000 to $145,000, or for married couples earning between $225,000 to $245,000.
The tax credit is a dollar-for-dollar reduction in the buyers tax liability, and does not have to be paid back as long as the buyer remains in their home for three years or more. (See "Secrets of the Home Buyer Tax Credit" for more info.) This is a once-in-a-lifetime offer to have Uncle Sam help you buy a house. Don't let this opportunity pass you by!

Click here for more information on whether you qualify for either of these amazing tax credits, and here for information on required forms. And, as always, feel free to contact me for more information or assistance: Laura@ChicoLaura.com