Welcome to the RobinHUD.com Blog

2010-03-17 09:14:37
TAX CREDIT GUIDELINES

Following Congress approval, President Obama has signed off on the bill approving an extension of the $8,000 new home buyer tax credit until April 30th 2010. Also, the new provisions in the extension are NOT retroactive. Here is a summary of the new and updated provisions and their impact on you if you have or are planning to buy a house. New IRS forms and claiming instructions are also provided.

- Qualification Period : First-time home buyers who bought after January 1, 2009 and before April 1 2010 (with closing to take place before July 1 2010), would get the $8,000 home buyer tax credit. For the purposes of claiming the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner. If you and your spouse claim the credit on a joint return (both of you must meet the income and past ownership criteria to qualify), each spouse is treated as having been allowed half of the credit for purposes of repaying the credit. So the total amount claimable is still only $8000 (up to April 30th 2010).

- Income qualification limits: The home buyers’ credit would be available to individuals with a modified adjusted gross income (MAGI) of up to $125,000, or $250,000 for couples, up from $75,000 for individuals and $150,000 for couples under the original rules. The higher income limits are only for homes purchased after Nov. 6, 2009. That is, the existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before Nov. 6, 2009. Those with incomes higher than the above limits do not qualify for any part of the tax credit.

- *NEW* Current Homeowners looking for a replacement primary residence could also qualify for a $6,500 (up to $3,250 for a married individual filing separately) under the new “long-time resident” provision. They must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased. This new provision also only applies to homes purchased after Nov. 6th 2009. The IRS has stepped up compliance checks involving the home buyer credit for those with past homes and they must provide a mortgage Interest Statement, Property tax records or Homeowner’s insurance records, to prove compliance with past residency criteria.

If you have any questions about how the tax credit works please give LT Weese a call at 801.645.1919.

 

FIRST TIME HOME BUYERS CLICK HERE TO LEARN HOW TO

BUY YOUR FIRST HOME WITH .50% DOWN & A 4.89% RATE!

 
Blog Archive
2013-01-02 19:21:29
Park City Real Estate

2012-06-08 09:16:01
Sounds of Freedom for Hill Air Force Base

2012-05-22 11:08:37
Hill AFB could lose jobs with F-35 arrivals

2012-05-22 11:04:02
Greece: Top 3 risks facing United States

2012-02-10 08:04:11
Park City as one of the WORLD'S 25 best ski towns

2011-03-10 18:00:07
Foreclosure Filings Hit Three-Year Low as U.S.

2010-05-04 09:17:00
End of tax credit unlikely to deter most buyers !

2010-04-22 11:41:44
Home sales rise more than expected

2010-04-19 13:54:25
Utah's housing market: Good time for buyers, but f

2010-03-26 11:38:28
Gov't unveils plan to shrink some home loans

2010-03-18 11:32:26
Building Permits UP!

2010-03-17 09:14:37
TAX CREDIT GUIDELINES

2010-03-16 11:11:25
Home Tax Credit is ENDING!

2010-03-03 07:19:49
Nab a real estate deal - while you still can

2010-02-26 11:42:28
Mortgage delinquencies down in U.S., Utah

2010-02-21 12:26:14
Is This the Safest House in the World?

2010-02-16 08:26:37
FHA FLIPPING RULES

2010-02-02 18:30:21
FHA suspends anti-flipping rules

2010-01-25 12:26:54
NEW HOUSING NUMBERS

2010-01-18 19:47:02
GREAT NEWS FOR INVESTORS & FHA BUYERS!

2009-12-30 12:38:58
Latest Home Price Data Is Good News for Buyers

2009-12-23 09:34:46
November home resales soar in SL County!

2009-12-22 09:38:06
November home sales soar 7.4 percent

2009-12-08 08:21:21
FHA home loans be more expensive?

2009-12-01 09:27:09
Bad Time To Buy or Sell? You Sure?

Click here to see ALL articles.


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.