| Home Buyer Tax Credit 
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As part of its plan to stimulate the U.S. housing market, Congress has passed
legislation that grants a tax credit of up to $8,000 to first-time home
buyers and up to $6,500 for repeat home buyers.
Here is more information about the 2009/2010 Home Buyer Tax
Credit.
- First Time Home Buyer
- Repeat Home Buyer
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The $8,000 Tax Credit for the First Time Home Buyers
- The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as 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.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
- The tax credit applies only to homes priced at $800,000 or less.
- The tax credit now applies to sales occurring on or after January 1, 2009 and or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
- For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
- 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 $225,000 qualify for the full tax credit.
The $6,500 Repeat Home Buyer Tax Credit
- To be eligible to claim the 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.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
- The tax credit applies only to homes priced at $800,000 or less.
- The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by May 1, 2010, the home purchase qualifies provided it is completed prior to July 1, 2010.
- Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
Please contact Ricky Chan if you want to know how to get the home buyer tax credit and take advantage of the benefits. | | 
Ricky Chan
Realtor
Tel: 425.445.6992
Fax:425.947.9908
560 Naches Avenue SW,
Suite 100, Renton,
WA 98057
email: rickyhomes@gmail.com
懂流利國、粵語、
潮州話及英語
Fluent in Chinese
and English
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