The 2010 Extension of $8,000 First Time Home Buyer Plus the New $6500 Existing Home Buyer Tax Credit From the 2009 Stimulus Package and Increase in Income Limits ends April 30, 2010! You must be under contract by April 30, 2010 for your home purchase and it must be completed by June 30, 2010 to qualify.

FREQUENTLY ASKED QUESTIONS

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.

The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.

The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation. Tax FAQ’s