Facts about the New New Homebuyer Credit

419 Lafayette St.
New York, NY 10003

+1 877 NINJATAX
+1 877 646 5282

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http://www.ninjatax.com

November 26, 2009

First, we had a first-time homebuyer credit that was like an interest-free loan. Then, we had a refundable first-time homebuyer credit that didn't have to be paid back. Now we have the New New Homebuyer Credit, which is even sweeter.

This credit is even better, because you don't have to be a first-time homebuyer to get it! That's right, even if you currently own a home, you might qualify. It is also available to people with higher incomes, though there is a cap on home price. Here are the basics:

• For first-time homebuyers, the credit is still 10% of purchase price, up to $8,000. A first-time homebuyer is someone who has not owned a home for at least three years.
• For current homeowners, a credit of 10% of purchase price, up to $6,500, is now available. This is only available to homeowners that have lived in the same principal residence for five of the previous eight years. The credit is only available to these homeowners after November 6, 2009.
• There must be a binding contract for the sale/purchase of the home by April 30, 2010 and the sale must close by June 30, 2010.
• The full credit is available to taxpayers with modified adjusted gross income up to $125,000 ($225,000 for joint filers).
• No credit is available on homes costing more than $800,000.
• Taxpayers purchasing a home in 2010 will be able to claim the credit on either their 2009 or 2010 tax return.

This is a great deal for anybody considering buying a home. If you are considering taking advantage of the credit, please contact us so that we can walk you through all the requirements.

Happy house hunting!