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Tax credits for home buyers have been extended until April 30 in an attempt spur home sales.
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Five things you should know about home buyer tax credits
STILLWATER, Okla. — 1. Credit extended: A tax credit of up to $8,000 for qualified first-time home buyers and one of up to $6,500 for qualified repeat home buyers has been extended to April 30. Single home buyers can’t make more than $125,000, and married taxpayers filing joint returns can’t earn more than $150,000 to qualify for tax credits for homes purchased after Nov 6, 2009 for first-time homebuyers. For repeat homebuyers, the income limits are $125,000 for single taxpayers and $225,000 for married.
2. What is a first-time homebuyer? The law defines a first-time home buyer as a person who has not owned a principal residence for three years prior to the purchase. For married taxpayers, neither the husband nor wife can be homeowners in the three previous years.
3. What is a repeat or move-up homebuyer? A repeat or move-up home buyer is a single taxpayer or married taxpayers who have owned and lived in the same home for at least five consecutive years prior to the purchase date. Both spouses must have owned and lived in a home for five consecutive years.
4. Determining the tax credit: For repeat or move-up home buyers, the tax credit is equal to 10 percent of the home’s purchase prices up to a maxium of $6,500. For first-time home buyers, the tax credit is equal to 10 percent of the home’s purchase price up to a maxium of $8,000.
5. Claiming the tax credit: You claim the credit on your federal income tax form. Home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on line 67 of the 1040 income tax form for 2009 returns.
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