The IRS has issued formal guidelines for those applying for the new $6,500 homebuyer tax credit and the extended version of the $8,000 first-time homebuyer tax credit. Legislation known as the Worker, Homeownership, and Business Assistance Act of 2009 implements these credits until April 30, 2010.
At the top of the list of changes is that all home purchases after November 6th must use the new version of IRS Form 5405 to claim the credit. This revised form is not yet available from the IRS. If your purchase closed after November 6th, wait to file for your credit until the new form is available or your request may not be processed. Other highlights of the changes:
• Income limit has been raised to $125,000 for single filers and $225,000 for joint returns
• Single filers with income up to $145,000 or joint filers with incomes up to $225,000 may be eligible for a partial tax credit
• $800,000 is the new maximum purchase price
• No one under 18 can claim the credit under any circumstances
• Anyone who is considered a dependent on another’s federal taxes is ineligible
For more information visit www.irs.gov, contact your tax professional, or call LoanCentral!
~ Courtesy of Wendy Charles, LoanCentral LLC, 425.468.9321, WendyC@LoanCentral.com
- Jeanette Eide
- Bellevue, Washington
- I’m a full-time professional Realtor specializing in residential resale and new construction in Seattle, Bellevue, Redmond, Kirkland, Issaquah, Newcastle, Sammamish, Bothell, Mill Creek, Snohomish, Everett, Woodinville, Kent, and Renton. Together with my husband Erik, we have over 17 years experience. We take the time to listen – getting to know you and establishing your exact needs. From there, our sole focus is getting you where you want to be, on time, in the smoothest manner possible. Together with our team of professionals, the closing of your transaction will be handled knowledgeably with the attention to detail you expect and deserve.
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