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First-Time Homebuyer and Long-time Homebuyer Credit FAQ
(Homeownership and Business Assistance Act of 2009)
 
14 DAYS REMAIN
 
MILITARY PERSONNEL who have served 90 days or more outside the U.S. between 12/31/2008 and 5/1/2010 are eligible until April 30, 2011!!
 
Signed into law on November 6, 2009, the expansion of benefits for U.S. Taxpayers purchasing a principal home is set to expire soon.  If you do not have an offer-to-purchase which has been accepted on or before April 30, 2010, you will not qualify for this credit.  For first-time homebuyers this means missing the opportunity to receive $8,000 in tax credits from the IRS.  For longtime homeowners (if you’ve lived in your house for at least five years on or before the day your offer is accepted) this means you would miss $6,500 in tax credits.
 
There is one other contingency with this program.  You must close on the home you’re purchasing on or before June 30, 2010. 
 
Your question not answered below?  Email me!
 
FAQ – First-time homebuyer
 
Q:  What happens if my offer is not accepted on or before April 30, 2010?
A:  You will not be eligible for the tax credit regardless of your closing date.
 
Q:  If I have an accepted offer, but my closing date is after June 30, 2010 am I eligible?
A:  No, you must have an accepted offer on or before April 30th and move in prior to June 30th.
 
Q:  If I’m not planning on living at the property can I get the credit?
A:  No.  The law expressly states that it must be your principle residence.
 
Q:  When and how do I receive my credit?
A:  You can file an amendment to your taxes.  (Click HERE for more information)
 
Q:  If I start looking now, can I beat the deadline?
A:  If you’re just starting to look now, the chances of you finding something and getting an accepted offer may be a challenge.
 
FAQ – Long-time residents
 
Q:  How much is the credit for long-time residents?
A:  The credit is $6,500 per household or $3,250 per person if taxes are filed individually.
 
Q:  Do I receive the credit if I’m purchasing a property to rent-out?
A:  No.  The home you’re purchasing must be your principle residence.
 
Q:  How do I know if I qualify for the long-time homebuyer credit?
A:  In the 8 years prior to the date of your accepted offer have you lived in your current home for 5 consecutive years?  If you answered yes, then you are eligible for the credit.