WE NEED TO FIND YOU A NEW HOME AND GET YOU UNDER CONTRACT BEFORE APRIL 30TH- below is information directly from the IRS website, but here's the link for more FAQ's: http://www.irs.gov/newsroom/article/0,,id=206291,00.html.
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First-Time Homebuyer Credit Questions and Answers: Basic Information
Updated Nov. 6, 2009, to note new legislation. The new legislation extends and expands the first-time homebuyer credit allowed by previous Acts. The new law:
- extends deadlines for purchasing and closing on a home
- authorizes the credit for long-time homeowners buying a replacement principal residence
- raises the income limitations for homeowners claiming the credit
Q. What is the credit?
A. The first-time homebuyer credit is a tax credit for individuals and couples who purchase a new home after April 8, 2008, and before May 1, 2010. There are several versions of the credit depending upon when the home was purchased:
- For homes purchased in 2008, the credit, with some exceptions, must be repaid and takes the form of a $7,500 interest-free loan.
- For homes purchased in 2009 prior to November 7, the credit is for a maximum of $8,000 and, with some exceptions, does not have to be repaid, but it's only for new home owners who have not owned a home in the prior three years.
- Beginning November 7, 2009, an additional category of new homebuyers, long-time residents (who owned their own homes), was added. The credit for this group is a maximum of $6,500, which, with some exceptions, does not have to be repaid. (1/27/10)