Reminder: Tax Credit for Homebuyers Expires at End of April

Tax Credit is for First-Time Buyers and Some Repeat Buyers

As I've written before, any qualified homebuyer who signs a contract for a new primary residence by April 30 and closes by June 30 is eligible for tax credits potentially up to $8000.

First Time Homeowners (any single person or couple who have not owned their principal residence in the last 3 years) are eligible to receive 10% of the value of the purchased residence, up to $8000, as a refundable tax credit.

Existing Homeowners (any single person or couple who has used the home being sold or vacated as their principal residence during 5 of the preceding 8 years) are eligible to receive 10% of the value of the purchased residence, up to $6500, as a refundable tax credit.

The tax credit must be applied either to an amended 2009 return or on a 2010 return filed by April 15, 2011. In both cases the purchased home must cost less than $800,000 and the buyers must fall within certain income parameters (which the vast majority of Americans do). There is more information and answers to these questions at the excellent Federal Housing Tax Credit Homepage. Or, as always, you may contact me, Josh Nugent.