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How to Get the Extended Home Buyer Tax Credit

by Madeleine Tingen

You’ve decided to purchase a home and take advantage of the Extended Home Buyer Tax Credit.  Below are the steps to follow to get your benefit.

Close on your home purchase between November 7, 2009 and April 30, 2010, or have a binding written contract in place by April 30, 2010 with a closing date no later than June 30, 2010.

Decide whether to:  apply the credit to your 2009 tax return, filed on or before April 15, 2010; file an amended 2009 return; or, apply the credit on your 2010 return, filed on or before April 15, 2011.

Attach documentation of purchase to your return.

 Documentation of Purchase

Details concerning the precise documents required to confirm your purchase have not yet been released. When this information becomes available, it will be made available online.

When to Apply the Credit

Buyers purchasing homes on or before December 31, 2009 may claim the credit on their 2009 tax returns.

Buyers purchasing in 2010 will have the option to claim the credit on their 2009 return, even if the purchase is completed after April 15, 2010; or, claim the credit on their 2010 tax returns.

 Applying the Credit to Your 2009 Taxes

 You will need to do the following three things to claim the credit on your 2009 tax return-- fill out Form 5405 to determine the amount of your available credit, apply the credit when you file your 2009 tax return or file an amended return and attach documentation of purchase to your return or amended return.

For more information or questions regarding the Extended Home Buyer Tax Credit or, please contact a member of the Pistol Tingen Team.  The Pistol Tingen Team specializes in servicing real estate needs within Greenville, NC and the Pitt County area.

Homeowners - Claim Your Tax Credits

by Madeleine Tingen

Owning a home is its own reward, but homeownership can also bring rewards at tax time.

This year is especially beneficial for people who are in the market to buy a home, thanks to the $8,000 first-time buyer credit and the $6,500 tax credit for repeat buyers. Current homeowners can benefit, as well. Tax credits are available for owners who undertake certain projects to improve the energy efficiency of their home, including replacing exterior windows, skylights and doors and installing efficient heating and air conditioning systems. Certain home improvements may qualify for as much as 30 percent of the project cost, up to $1,500.   Homeowners may also enjoy a mortgage interest deduction; allowing them to deduct all the interest paid on up to $1 million in mortgage debt.

For more information about current homeowner tax credits or details regarding tax credits still available to those considering a home purchase this year, please contact The Pistol Tingen Team at (252) 321-6161. The Pistol Tingen Team specializes in real estate located in Greenville, NC and the Pitt County area.

Home Buyer Tax Credits Explained (Video)

by Anthony Litz

$8,000 First-Time Home Buyer Tax Credit Availability Ends Soon

by Madeleine Tingen

Yes, you can still take advantage of the First-Time Home Buyer Tax Credit—but time is quickly running out.  Many first-time homeowners have already benefitted from this helpful program.

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Here are some of the essential facts regarding the 2009 tax credit program that can help turn prospective first-time home buyers into first-time home owners.

Who qualifies?

First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.

To qualify as a “first-time home buyer” the purchaser of his/her spouse may not have owned a residence during the three years prior to the purchase.

Which properties are eligible?


The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos and townhomes.

How much will the credit be?

The maximum allowable credit for home buyers is $8,000.  Each home buyer’s tax credit is determined by two factors:

1) The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.

2) The buyer’s income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.

If the buyer(s) income exceeds these limits, can he/she still get a credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the tax credit need to be repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

If you would like more information about the $8,000 First-Time Home Buyer Tax Credit or any real estate matters, please contact The Pistol Tingen Real Estate Team at (252) 321-6161.

 

 

Displaying blog entries 1-4 of 4

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