Tax Credit Info

Home Buyer's Tax Credit gives Buyer's additional incentive to buy in 2010!

 Here’s a quick summary to help Plan for YOUR 2010 Success:

• First Time Home Buyers maximum credit amount is $8,000.
• Purchases must be completed by 1/1/2009 to 4/30/2010.
• Recurring Home Buyers maximum credit is $6,500.
• Purchased must be completed by 11/7/2009 to 4/30/2010.
• Credit will be allowed to homebuyers who sign a binding contract on or before 4/30/2010 and close by 6/30/2010.
• Repayment of the tax credit is NOT necessary, unless the home does not remain the buyer’s primary residence for at least 3 years after purchase.
• Military who are overseas may have up to an additional year to purchase a property.
• Home Buyers will need Form 5405 to be included in their tax returns. You can obtain a downloadable pdf version at: http://www.irs.gov/pub/irs-pdf/f5405.pdf 

Unless you are a tax professional, remember to refer specific tax questions to your tax consultant, as they will be more equipped to provide the necessary information. 

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