First Time Home Buyer Tax Credit

gf — Sun, 24 Jan 2010 05:28:49 +0000

The first time home buyer tax credit has been extended to April 30, 2010. The President has signed legislation to extend the $8,000 first time home buyer credit and also provide a new $6,500 credit for longtime homeowners who purchase a new home.

First Time Buyer Credit Extended

The old credit expired November 30, 2009, but the new law provides for qualifying buyers who sign a binding contract by April 30, 2010 and close by June 30, 2010.

New Home Buyer Credit

The first time home buyer is not just first time buyers, but anyone who has not owned a home in the last three years. This opens the credit to many more buyers who lost their homes and are just now trying to re-enter the market. There are some earnings restrictions that apply, but most new home buyers will qualify.

Existing Home Owners Who Upgrade

Longtime homeowners, those who have owned their home for at least five of the last eight years, can also qualify for a $6,500 credit. Again there are some earnings and purchase price restrictions, but most home buyers will qualify.

The Need Tax Help website has some additional information that you might find helpful.

Need Tax Help

gf — Sun, 24 Jan 2010 05:07:45 +0000

When you need tax help you should consult a good tax professional problem solver. Good tax professional problem solvers deal with the IRS almost daily and can help solve tax issues quickly. Their professional fees are a nominal expense compared to the tax savings they can structure and the peace of mind they provide. These tax professionals deal with the IRS almost daily and can quickly analyze your tax problem and provide some valuable advice. Too many tax accounts or tax preparers do not have the tax knowledge and skills to know how to structure and prepare your tax return to maximize your available deductions. Unfortunately the IRS will not provide good tax help either concerning available deductions. If you have any questions and need tax help the deductions allowed and the tax savings obtained can more that help offset any professional fees you pay.