First-Time Home Buyers Tax Credit $8000 Extended for Military , Some
Foreign Service Members and Employees of Intelligence Community until April 30,2011

Read the details on the IRS website

First-Time Home Buyers Tax Credit $8000 for the general public expired April 30,2010.

I did not see anywhere that the requirements for qualifying for the extended $8000 Tax Credit have changed , but please verify with the IRS :

1. Tax Credit Amount : 10% of the purchase price of the home but cannot exceed $800,000 .

2. "It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010."

   First-Time Buyer is: Anyone who did not own a home or owned any interest in a principal residence during the preceding 3 years. If married, that means both spouses did not own a home for the past 3 years, and the same applies for unmarried couples living together.

3. Maximum Price : The Purchase Price of the home cannot exceed $800,000.

4. Occupancy Requirements: The purchased home must be your primary residence and must live in it for 36 months (3 years) otherwise you will need to repay the $8000.

5. Income Requirements: This was increased to $125,000 ( single) , & $225,000 (joint), with a $20,000 phase out.

   * If your income is higher by $20,000 single or joint, you will still qualify for a credit, but it will be lower. Check with your accountant or tax preparer to find out the exact amount.

6. Type of Home : House, condominium, townhome, manufactured home, apartment cooperative, houseboat, houstrailer and 1-4 units provided you live in one of the units as a primary residence.

7. IRS Requirements ; The taxpayer claiming the credit must be 18 or older. When filing for the Tax Credit you need to submit IRS Form 5405 , and the HUD-1 settlement statement and must attach documentation of purchase to tax return

   I recommend that you contact the IRS or your accountant for more definite and conclusive interpretation of the IRS rulings.

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   Abraham Baghbodorian
   Tarbell, Realtors
   760-600-6187
   contact me