Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What are the new requirements and tax benefits for first time home buyers and current homeowners in the 2010 extended Housing Stimulus Legislation?

0
Posted

What are the new requirements and tax benefits for first time home buyers and current homeowners in the 2010 extended Housing Stimulus Legislation?

0

• First time home buyers must purchase a home between November 7, 2009 and April 30, 2010 (closed by July 1, 2010). To qualify as a “first time home buyer,” the purchaser or his/her spouse may not have owned a residence during the 3 years prior to the purchase. • First time home buyers receive the lessor of an $8,000 tax credit or 10% of the home purchase price can be applied to 2009 or 2010 taxes. • The home must be your principal residence. • For current homeowners who purchased a home in the same time frame, to qualify for the tax credit, the home being sold or vacated must have been their principal residence for 5 consecutive years within the last 8 years. The new home being must be occupied as your principal residence for 3 years. • The current homeowner tax credit is $6,500 or 10% of the sales price, whichever is less. • For both first time buyers and current homeowners to receive the maximum credit, single buyers can earn up to $125,000 and married couples up to $225,000. Those

Related Questions

What is your question?

*Sadly, we had to bring back ads too. Hopefully more targeted.