Home Buyer Tax Credit, the Countdown is on!

With a mere 60 days left to find your dream home and enter into a written contract to purchase it's "game on"!

I can't imagine that this far into the program there would be anyone that doesn't know the details, but just in case, I'll recap.

$8,000 First-time Home Buyer Tax Credit

•The $8,000 tax credit is for first-time home buyers only; someone who has not owned a principal residence during the three-year period prior to the purchase.

•The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years of the purchase.

•The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

•The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. In cases where a sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

•For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000qualify for the full tax credit.

The $6,500 Move-Up / Repeat Home Buyer Tax Credit

•To be eligible to claim this tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.

•The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.

•The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.

•The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. In cases where a sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.

•Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

Also worth mentioning, you will not have to wait to file your 2010 return to receive your credit. Home purchases in 2010 may be claimed on an amended 2009 income tax return.

For additional details please visit the following site brought to you by the National Association of Home Builders:

http://www.federalhousingtaxcredit.com/home