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Homebuyer Credit for Tax Year 2009
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UPDATED July 2, 2010 On February 17, 2009, President Obama signed into law the "American Recovery and Reinvestment Act of 2009." Under this revised law, the refundable first-time homebuyer credit was increased to a maximum of $8,000 for a principal residence purchased on or after January 1, 2009 and did NOT have to be paid back in most situations. On November 6, 2009, President Obama signed into law the "Worker, Homeownership, and Business Assistance Act of 2009" which EXTENDED the homebuyer credit to June 30, 2010* and EXPANDED who can qualify for the credit. In addition to first-time homebuyers, certain long-term residents may also qualify beginning November 7, 2009. First-time homebuyers still qualify for a refundable credit up to a $8,000 on the purchase of a principal residence. Long-term residents may qualify for a refundable credit up to $6,500 on the purchase of a principal residence. *If a written binding contract to purchase the principal residence went into effect on or before April 30, 2010, the individual has until June 30, 2010 to settle (close) on the home.
Qualifications for the Homebuyer Credit Since the rules to qualify for the homebuyer credit are different based on your settlement (closing) date , select your settlement date below for detailed information on how the homebuyer credit will work for you!
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Click here to return to "What's NEW for Tax Year 2009?" |
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On July 2, 2010, President Obama signed into law the "