Can I get a tax credit?
CAN YOU QUALIFY FOR THE TAX CREDIT?
Please watch these Short Informational Videos!
Two short videos explaining the Tax Credits (both $8K and $6.5K)
$8000 FEDERAL TAX CREDIT (First Time Buyers)
or
$6500 FEDERAL TAX CREDIT (EXISTING HOMEOWNERS)
MUST PURCHASE BY 4/30/10, CLOSE BY 6/30/10
If you (and your spouse) have not owned a home in the last 3 years, you should qualify for the $8K credit
If you (and your spouse) have owned a home for 5 years or more (and lived in the home for 5 out of 8 years), then you should qualify for the $6500 tax credit.
In either case, you must plan to live in the newly purchased home for 3 years. You must write a binding sales agreement by 4/30/10 and close on the home by 6/30/10 to get the tax credit.
The websites below are an excellent source of information on the tax credits:
National Association of Homebuilders Website, Home Buyer Tax Credits
This site explains the tax credits very well!
Lots of Detail from the IRS websites below:
(very boring, but tons of information!)
10 Important Facts about the Extended First-Time Homebuyer Credit
First time Home Buyer Credit
IRS Form 5405, Used to Report and Ask for your Tax Credit
IRS First time Homebuyer Credit Questions and Answers: Basic Information
IRS Website Tax Credit
