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You are here: Home / Blog / First Time Homebuyer Credit

First Time Homebuyer Credit

July 26, 2011 by Matt Fuller, GRI Leave a Comment

Unless you’ve got a time machine, you are out of luck on this one. The first time homebuyer credit only applies to home purchases that closed prior to September 30, 2010.

The IRS has a good (if not particularly easy to read) overview of the various tax credits that were available to home buyers in 2008, 2009, and 2010:

For 2008 Home Purchases

The Housing and Economic Recovery Act of 2008 established a tax credit for first-time homebuyers that can be worth up to $7,500. Forhomes purchased in 2008, it is similar to a no-interest loan and must be repaid in 15 equal, annual installments beginning with the 2010 income tax year.

For 2009 Home Purchases

The American Recovery and Reinvestment Act of 2009 expanded the first-time homebuyer credit by increasing the amount to $8,000 for purchases made in 2009 before Dec. 1. The Worker, Homeownership and Business Assistance Act of 2009 extended the deadline — taxpayers who had a binding contract to purchase a home before May 1, 2010, became eligible. Buyers must have closed on the home before July 1, 2010. That closing deadline was extended to Sept. 30, 2010 by the  Homebuyer Assistance and Improvement Act of 2010, enacted July 2, 2010. See news release 2010-80 for details.

For home purchased in 2009, it does not have to be paid back unless the home ceases to be the taxpayer’s main residence within a three-year period following the purchase.

First-time homebuyers who purchased a home in 2009 can claim it on either a 2008 tax return or a 2009 tax return. The credit may not be claimed before the closing date. News release 2009-27 has more information on these options.

For 2010 Home Purchases

The Worker, Homeownership and Business Assistance Act of 2009, signed into law on Nov. 6, 2009, extended and expanded the first-time homebuyer credit allowed by previous Acts.

Under this law, an eligible taxpayer must have bought, or entered into a binding contract to buy, a principal residence on or before April 30, 2010, and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.

This law also:

  • Authorized the credit for long-time homeowners buying a new principal residence.
  • Raised the income limitations for homeowners claiming it.

See news release 2009-108 for the details.

Members of the military, Foreign Service and intelligence community serving outside the U.S. should find out about the benefits in the law that apply particularly to them.

For a home purchased in 2010, it does not have to be paid back unless the home ceases to be the taxpayer’s main residence within a three-year period following the purchase.

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