Congress passed the Homebuyer Tax Credit Extension. Here are the main facts that you should know:
* The tax credit has been extended to April 30, 2010.
* Repeat buyers who have owned their homes for at least 5 years are now also eligible for a credit of up to $6,500 from the government.
* If you’re a first-time homebuyer you may be eligible for a credit up to $8,000.
* To qualify, buyers have to sign purchase agreements by April 30, 2010 and have 60 days to close by June 30, 2010.
* The credit is available for the purchase of principal homes costing $800,000 or less.
* The new tax credit has increased income limits.
* Individuals with annual incomes up to $125,000 and up to $250,000 for joint filers are now eligible before the credit begins to phase out.
* The credit is equal to 10 percent of the purchase price of a primary residence.
* Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a payment.
* Taxpayers who want immediate refunds can amend their tax returns for 2008 to claim the credit.
* Those who sell their new home or stop using it as their main residence within three years would have to repay the credit.
* You must be at least 18 year of old to claim the credit.
Tags: $8000 tax credit, did the tax credit get extended, first time home buyers tax credit, repeat buyers
