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Update September, 2010 

Congress has extended the deadline to close escrow for Buyers of homes who had a fully executed sales contract in escrow prior to May 1, 2010 to September 30, 2010.

Update May, 2010 

Congress has established Special Rules & Circumstance for Members of the Military, Foreign Service & the Intelligence Community.

 

1)  The $8000 tax credit has been extended to April 30, 2011 for the above service members who were ordered on a period of official extended duty.

2)  Official extended duty means a period from December 31, 2008 through May 1, 2010 & must have been outside of USA for a period of 90 days.

3)  Must have a fully executed purchase contract prior to April 30, 2011 & the close the purchase before June 30, 2011.

 

$8000 Home Buyer Tax Credit

Quick Reference Guide

1)  The Tax Credit is for for first-time home buyers & Previous Home owner's

2)  A first-time home buyer is a person who has not owned a primary residence for a least 3 years.

3)  The tax credit is available for homes bought on or after January 1, 2009 and before Arpil 31, 2010.  The home must close escrow before 7/1/2010.

4)  Unmarried joint purchasers are allowed to allocate the credit amount to either buyer who qualifies as a first-time home buyer.

5)  The tax credit does not have to repaid.

6)  The tax credit is equal to 10% of the homes purchase price with a maximum credit of $8000.  (An $80,000 purchase price will give the maximum $8000 tax credit. 

7)  IRS tax form 5405 is needed to determine the tax credit.  The tax credit is a dollar-for-dollar reduction in what the taxpayer owes the IRS.  That means that a taxpayer who owes $8000 in income taxes and receives a $8000 tax credit would then owe the IRS nothing.

Call or E mail any questions you may have.

 

 You can buy a home with 1% down

Ask  me  How !

"Apply Now"

(click on "Apply Now" to link to online application) 

or call

480-390-2123

MBongiovanni@TheLendingCo.com

(click to link to E mail above)