New $8,000 Tax Credit

Your new home purchase may qualify you for a $8,000 tax credit!

New legislation may qualify you to receive a $8,000 tax credit.

President Barack Obama signed into law on Nov. 6, 2009 legislation that extends through next spring a temporary tax credit of up to $8,000 for some first-time home buyers, which was due to expire Nov. 30, 2009. The law also adds a new tax credit of up to $6,500 for certain repeat home buyers.

The new legislation, "The Worker, Homeownership and Business Assistance Act of 2009", extends and expands the first-time homebuyer credit allowed by previous Acts. The new law:

  • Extends deadlines for purchasing and closing on a home

  • Authorizes the credit for long-time homeowners buying a replacement principal residence

  • Raises the income limitations for homeowners claiming the credit

    • For more information, click here.