Did you know that time is running out?
For first-time homebuyers & long-time residents the tax credit opportunity is about to run out! If want to take advantage of this historical opportunity while there are historically low mortgage rates the time to act is now. The tax credit is available to first time homebuyers (this includes if you have not owned a home in 3 years) and long-time homeowners. You must right a contract by the end of this month (April 10, 2010) and close before July 1, 2010.
The Details
• For first-time homebuyers they can receive up to $8,000 tax credit. The tax credit is 10% of the purchase price of a home up to a maximum of $8,000.
• For long-time residents you must have owned and used the same home as your principal residence for at least 5 consecutive years of the 8-year period ending on the date that you bought your new home. The maximum credit is $6,500 for a single tax payer or a married couple filing a joint return, or $3,250 for a married couple filing separate returns.
How to get your tax credit
Claim the credit on IRS Form 5405, First-Time Homebuyer Credit; it must be filed with your 2008, 2009 or 2010 federal income tax return. If you bought the house in previous years, but did not claim it, you can amend by using Form 1040X with the December 2009 Form 5405 attached.
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