The Home Buyers’ Tax Credit: What You Need to Know


	The Home Buyers’ Tax Credit: What You Need to Know

arifsali

11-9-2009 5:14 PM

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tags:

economy, mortgage, united states

arifsali says:

To curb fraud, the legislation also requires taxpayers to provide documentation proving that they purchased a home and requires taxpayers to be at least 18 to claim the credit. There had been reports of people as young as 4 years old claiming the original credit

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/331ecdf7-16d3-40c4-8a78-e3dcf3d6591a/56A0A406-B7BE-4E21-AB56-1DED76D4B265/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://bucks.blogs.nytimes.com/2009/11/09/the-homebuyers-tax-credit-what-you-need-to-know/?src=twr" href="http://bucks.blogs.nytimes.com/2009/11/09/the-homebuyers-tax-credit-what-you-need-to-know/?src=twr" style="font-size: 11px;">bucks.blogs.nytimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://bucks.blogs.nytimes.com/2009/11/09/the-homebuyers-tax-credit-what-you-need-to-know/?src=twr"><P>The legislation extends a tax credit of up to $8,000 for qualifying first-time home buyers that was previously set to expire on Nov. 30. If you’re a first-time home buyer, defined as one who has had no ownership interest in a principal residence in the United States in the three years previous to the purchase of a home, you <A href="http://waysandmeans.house.gov/news.asp?formmode=release&id=967">qualify for the credit</A> if you purchase a home or have one under contract by April 30, 2010. (You have an additional 60 days to close after that date.) </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://bucks.blogs.nytimes.com/2009/11/09/the-homebuyers-tax-credit-what-you-need-to-know/?src=twr"><P>If you’re an existing homeowner, you qualify for the new tax credit of up to $6,500 if you have lived in your current residence for five years or more out of the previous eight years and purchase a  home or sign a sales contract for one from Nov. 7 to the end of April of next year. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://bucks.blogs.nytimes.com/2009/11/09/the-homebuyers-tax-credit-what-you-need-to-know/?src=twr">Both credits are available for the purchase of “<A href="http://consumerist.com/5399821/expansion-and-extension-of-homebuyer-tax-credit-now-official">principal residences</A>” with prices up to $800,000. The credits start to phase out for individuals with incomes above $125,000 and for joint filers who earn more than $225,000.</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/56A0A406-B7BE-4E21-AB56-1DED76D4B265/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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