Tax Credit

$8,000 First-Time Homebuyer Tax Credit Extended!

PLUS new $6,500 Tax Credit for Current Homeowners

Great News!

President Obama has approved the Housing Tax Credit Expansion and Extension.

See below for details of the bill.

$8,000 First-Time Homebuyer Tax Credit Extension

Under the American Recovery and Reinvestment Act of 2009, qualified first-time

homebuyers may receive a tax credit up to $8,000. President Obama’s bill extends

this program into 2010.

• Eligible for homes with purchase agreements signed by April 30, 2010, and

closed by June 30, 2010

• Available to first-time homebuyers who have not owned a home during the

past three years

• Credit amount up to 10% of the home’s value, not to exceed $8,000

• Buyers qualified for full tax credit are single taxpayers with incomes up to

$125,000 and joint filers with incomes up to $225,000

$6,500 Tax Credit For Current Home Owners

President Obama’s new bill also provides up to $6,500 tax credit to current home

owners who purchase a new primary residence.

· Eligible for homes with purchase agreements written by April 30, 2010, and

that close between November 6, 2009 and June 30, 2010

• Qualified home buyers must have lived in their current home for 5 consecutive

years of the last 8 years

• Maximum purchase price of the home is $800,000

• Single tax filers who earn up to $125,000 are eligible for the total credit

amount. Partial credit can be granted for incomes up to $145,000.

• Joint filers who earn up to $225,000 are eligible for the total credit amount.

Partial credit can be granted for incomes up to $245,000.