$8,000 Home Buyer Tax Credit

Deadline extended until April 30th, 2010!
The $8,000 first time homebuyer tax credit has been officially extended...but only for a few more months! Now they are also offering $6,500 to previous homeowners, who have lived in their homes for 5+ years! This is the last chance to get YOUR FREE MONEY...don't miss out again!!

• Get Approved to Purchase a Home
• View Chapa Realty's Discount Listings
• Find out How to Buy a Foreclosure with $100 Down
• Find out How to Use Your Tax Credit for Down Payment
• Get an Estimate of Your Monthly Payments

Don't wait, this opportunity may never come around again!

Home Buyer Tax Credit Details
The home buyer tax credit has been extended into 2010, and is available to first time buyers as well as previous owners. You must have a home under contract BEFORE April 30th, 2010, and you must close on the sale BEFORE June 30th, 2010. First time buyers will be eligible for a $8,000 tax credit, and previous owners will be eligible for a $6,500 tax credit. A first time home buyer is considered to be someone who has NOT owned a home for at least 3 years. For previous homeowners to qualify, they must have owned the previous home for 5 years, and physically lived in the home for 3 of the 5.

Does the Tax Credit have to be Paid Back?
If you live in the home for 3 years, you do not have to pay back any of the tax credit. However, if you sell the home within 3 years, you will be required to pay back the entire amount through the homes sale.

Find out how to buy a foreclosure in St Louis or Saint Charles with $100 down payment. You can also get $1,000-$1,500 bonus at closing, repair money rolled into your loan(if needed), and get 3% of the purchase price PAID towards your overall closing costs! PLUS...first time buyers will still get their $8,000 TAX CREDIT, and previous owners will still get their $6,500 TAX CREDIT!!

CONTACT US TODAY!

Under the new law, For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.

Authorizes the credit for long-time homeowners buying a replacement principal residence.

News release 2009-108 has the details, as do two new IRS videos in English and Spanish.

Members of the military, Foreign Service and intelligence community serving outside the U.S. should also be aware of new benefits in the law that apply particularly to them.

Following is general information for first-time homebuyers who settled on a new home on or before Nov. 6, 2009.

For 2008 Home Purchases

The Housing and Economic Recovery Act of 2008 established a tax credit for first-time homebuyers that can be worth up to $7,500. For homes purchased in 2008, the credit is similar to a no-interest loan and must be repaid in 15 equal, annual installments beginning with the 2010 income tax year.

For 2009 Home Purchases

The American Recovery and Reinvestment Act of 2009 expanded the first-time homebuyer credit by increasing the credit amount to $8,000 for purchases made in 2009 before Dec. 1. However, the new Worker, Homeownership and Business Assistance Act of 2009 has extended the deadline. Now, taxpayers who have a binding contract to purchase a home before May 1, 2010, are eligible for the credit. Buyers must close on the home before July 1, 2010. [Added Nov. 12, 2009]

For home purchased in 2009, the credit does not have to be paid back unless the home ceases to be the taxpayer's main residence within a three-year period following the purchase.

First-time homebuyers who purchase a home in 2009 can claim the credit on either a 2008 tax return, due April 15, 2009, or a 2009 tax return, due April 15, 2010. The credit may not be claimed before the closing date. But, if the closing occurs after April 15, 2009, a taxpayer can still claim it on a 2008 tax return by requesting an extension of time to file or by filing an amended return. News release 2009-27 has more information on these options.

General Information

Homebuyers who purchased a home in 2008, 2009 or 2010 may be able to take advantage of the first-time homebuyer credit. The credit:

• Applies only to homes used as a taxpayer's principal residence.
• Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
• Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.
  
  

The credit is claimed using Form 5405, which you file with your original or amended tax return.

Questions and Answers

More information is available in the question and answer section.

Related Items

• IR-2009-83, First-Time Homebuyer Credit Provides Tax Benefits to 1.4 Million Families to Date
• The American Recovery and Reinvestment Act of 2009: Information Center