Articles: Key Points on Homebuyer Credits
Under a new law enacted late in 2009, the first-time homebuyer credit has been extended to purchases made before May 1, 2010 (July 1, 2010, if a binding contract is in place on May 1, 2010). The maximum $8,000 credit may be elected on your 2009 tax return for a qualified purchase in 2010. Also, this tax credit can be claimed by more upper-income individuals than before.
New Rule: The credit is also available to individuals other than first-time homebuyers for purchases made after November 6, 2009. If you have owned and used your old home as your principal residence for any five consecutive years during the previous eight years, the maximum credit is $6,500.
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