Expanded Home Buyer Tax Credit Could Chase Away Winter Blues

As we begin 2010, real estate professionals and home buyers have something to look forward to and more importantly, take advantage of-the extended and expanded home buyer tax credit.

Originally created in 2008, the home-buyer tax credit has evolved from a $7,500 credit, which had to be repaid by the home buyer over the course of 15 years, to an $8,000 tax credit with no repayment required in 2009. Now, for a limited time in 2010, the $8,000 home buyer tax credit will still be available to first-time home buyers and certain current homeowners will also be eligible for a $6,500 credit.

To help everyone better understand the extended and expanded home buyer tax credit, here are some highlights of the changes.

Read more at rismedia.com.

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4 Responses

  1. Avatar heather barefield says:

    If i bought my house in March 2008–am i eligible for the tax credit?

  2. Avatar Becky Yager says:

    Can I use the $8000 as a down payment on my home?

  3. Avatar Chris Bennor says:

    The article referenced has more information, Heather. The credit is for '“First-time home buyers” who purchase homes between November 7, 2009 and April 30, 2010. ' So no.

    And Becky, unless you had a mortgage provider with a very unique lending system (in other words, maybe they'd postpone payment of the money and you'd pay them later when you received the credit) , I would NOT think you could use it as a down payment on your home. This is a credit and "purchaser must attach documentation of purchase to his/her tax return claiming the credit. " You don't receive the credit from the mortage provider, it's from the government.

  4. Avatar Marcos Arroyo says:

    We purchased our first and only home in August of 2006, do we qualify for any tax credit.