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To Claim Tax Credit, Close Before July 1

 

To Claim Tax Credit, Close Before July 1

U.S. homebuyers who secured a purchase contract by April 30 have taken the first step toward receiving the Homebuyer Tax Credit of up to $8,000 for first-time buyers and $6,500 for some repeat buyers. But there’s still one more hurdle: You must close on the sale before July 1 to get the credit.

First-time buyers can receive a credit of 10 percent of the home price up to $8,000. You are considered a first-time buyer if neither you nor your spouse has owned a principal residence in the U.S. in the last three years.

Homebuyers who owned and lived in their principal residence for five consecutive years of the last eight are eligible for a credit of up to 10 percent of the purchase price, up to $6,500.

This is money that never has to be repaid, provided you live in the home for three years.

Other facts about the Homebuyer Tax Credit:

  • The upper income limit to receive the full credit is $125,000 for individuals and $225,000 for couples.
  • If the purchase price is more than $800,000, you are not eligible for the credit.
  • There is no minimum income for claiming the credit. You qualify for the full credit even if you won’t owe any taxes for 2009 or 2010.
  • You can apply the credit to the 2009 or 2010 tax years. And you can even apply the credit to your down payment for the purchase of an FHA-insured home.

 

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