Homebuyer Tax Credit Basics!

Homebuyer Tax Credit Basics so that we can All understand!

Many are confused about the First-Time Home Buyer Credit of $8,000 AND current home owners purchasing a new or existing home receiving a credit of $6,500! Congress passed legislation that essentially:

• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
• Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

Know this: buyers have until April 1, 2010 to enter into a contract for the purchase of a home, and have until the end of June, 2010 to close. With interest rates still low, and homes priced to sell, it is an excellent time to purchase a home and benefit from the tax credits.

I’ve included an article written by the National Association of Realtors entitled “The Extended Home Buyer Tax Credit,” containing a plethora of detailed information on the Buyer Tax Credit! Be sure to check with the IRS or a tax expert for additional questions you may have.

Tagged as: Arizona, First-Time Home Buyer Tax Credit, Interest rate, Internal Revenue Service, Mesa Arizona, National Association of Realtors, Phoenix Arizona, Phoenix metropolitan area, Real Estate, Tax, Tax credit, United States Congress