First Time Buyer Tax Credit

With the extension running out on the "First Time Homebuyer Credit", many clients are asking for clairification of the details. The $8,000 tax credit is for first time home buyers and those who have not owned a home for the past 3 years.  The credit was expanded in November to offer a $6,500 credit to current homeowners who have been in their current home over 5 years.  To qualify, you must have a contract to purchase by April 30, 2010 and it must close by June 30, 2010.

Here's a link to the IRS website which can answer most of your questions.  Since everyone's tax situation is unique, I recommend that you consult your tax professional for the most accurate advice as it pertains to you.

http://www.irs.gov/newsroom/article/0,,id=206293,00.html