First Time Homebuyer Tax Credit Information

Programs that provide information and guidance for eligible individuals who need assistance in determining whether they qualify for the federal first-time homebuyer tax credit included in the Worker, Homeownership and Business Assistance Act of 2009 which extends deadlines for purchasing and closing on a home originally set to expire on December 1, authorizes the credit for long-time homeowners buying a replacement principal residence and raises the income limitations for homeowners claiming the credit. Eligible taxpayers must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return. The maximum credit amount is $8,000 for first-time homebuyers and $6,500 for repeat buyers. The programs may also provide information for people who purchased their homes in 2008 or 2009 regarding their eligibility for earlier versions of the first-time homebuyers tax credit included in the Housing and Economic Recovery Act of 2008 and the American Recovery and Reinvestment Act of 2009.