2010 Home Buyer Tax Credit is ticking away… The Countdown has begun!

The deadline is fast approaching to cash in on the 2010 Home Buyer Tax Credit! Here are a few things to remember.

Qualified first time home buyers will receive $8000 tax credit

Qualified first-time home buyers receive $8000 tax credit if they sign a purchase contract by April 30, 2010 and close by June 30, 2010. Be sure to allow plenty of time before April 30th for an inspection and negotiations for repairs, as well as other due diligence items!
The home purchased must be their primary residence
To be considered a first-time home buyer, you cannot have owned a home during the past three years
Tax credit is up to 10% of the home value (not to exceed $8,000)
You cannot earn more than $125,000 for single filers and $225,000 if filing jointly. Partial tax credit can be granted for incomes up to $145K for single filers / $245K for joint filers.

The 2010 Tax Credit also provides a $6500 “Move Up” tax credit for current homeowner who qualify.

$6,500 Tax Credit is for Current Home Owners Purchasing a Primary Residence
Eligible home buyers must have lived in their current home for 5 consecutive years of the past 8 years.
The new home does not have to cost more than the old home.
Eligible for homes with purchase agreements written by April 30, 2010 and that close between November 6, 2009 and June 30, 2010
Annual income caps to qualify for the full tax credit ($125K for single filers / $225K for joint filers). Partial tax credit can be granted for incomes up to $145K for single filers / $245K for joint filers.

Let me know if you have any questions and of course, check with your tax accountant or financial advisor for full details.