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Homebuyers’ credit broadened

By Jeff Swiatek
MCCLATCHY NEWSPAPERS
November 30, 2009, 7:21 AM  Nearly 2 million people have received a federal homebuyers’ tax credit since it was approved in 2008. Hoping to further stimulate the housing market and the economy, Congress recently broadened the credit, making it available to millions of additional first-time homebuyers and to current homeowners who want to purchase another principal residence.

 

While the following information will be helpful, check with your real estate agent for complete details.

$8,000:Who qualifies

• Requirements: To get this credit, you must be a first-time homebuyer. You are considered a first-time buyer if you have not owned a home for three years. The home must be bought during the period from Nov. 7 to April 30, with closing no later than June 30. The credit is 10 percent of the value of the home, up to $8,000.

• Income limits: The income limit is $125,000 annual income for singles and $225,000 for a couple to receive the maximum credit.

People who make more may still be eligible for the credit, but it decreases as incomes approach the maximum eligible limit of $145,000 of modified adjusted gross income for singles and $245,000 for couples.

• Applying for the credit: Credit can be claimed on 2008 or 2009 tax returns for homes bought this year and on 2009 or 2010 returns for homes bought in 2010.

$6,500:Who qualifies

• Requirements: Buyers who’ve owned a home for at least five consecutive years within the past eight years and buy a home during the period from Nov. 7 to April 30. The credit is 10 percent of the value of the home up to $6,500.

You must live in the home after purchase for at least three years, or the credit can be withdrawn.

• Income limits: The income limits are $125,000 annual income for singles and $225,000 for a couple to receive the maximum credit.

People who make more may still be eligible for the credit, but it decreases as incomes approach the maximum eligible limit of $145,000 of modified adjusted gross income for singles and $245,000 for couples.

• Applying for the credit: Credit can be claimed on 2008 or 2009 tax returns for homes bought this year and on 2009 or 2010 returns for homes bought in 2010.