NEWS! Home Buyer Tax Credit Extended - Home Buyers in Baltimore, Harford, Cecil County - Top Realtor in Maryland

I am sure that most of you have been monitoring the status of the "Homebuyer Tax Credit" in Maryland, but if you haven't, this is what we know:

Homebuyer Tax Credit for Maryland Home Buyers has not only been extended, but it has also been expanded to include current homeowners in Baltimore City. The following are features of the new bill:

• Deadline for current credit is November 30, 2009.

• Deadline for new and improved credit is April 30, 2010, as long as the home in Maryland, Baltimore, Harford County and surrounding counties are under contract by that date; deal must close within 60 days.

• Eligibility and amount of new credit: - $8,000 for first-time homebuyers in Maryland (those who have not owned a home in Maryland in the last three years). - Up to $6,500 credit for homeowners who have lived in the home they are selling, or have sold, as a principal residence for five consecutive years in the past eight.

• Buyers in Maryland with income exceeding $125,000 for single and $225,000 for married couples are not eligible.

• Homes in Maryland valued at more than $800,000 are also ineligible.

This is exciting news for first time and current homeowners that are looking to purchase a property in Baltimore, Harford County and Surrounding Counties in Maryland.

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Ten Facts about the $8,000 First-Time Homebuyer Tax Credit

Ten Facts about the First-Time Homebuyer Credit

Many taxpayers who purchase a home in Maryland this year will qualify for an $8,000 federal tax credit. The refundable first-time homebuyer credit is a major tax provision in the American Recovery and Reinvestment Act of 2009. But time is running out to qualify for this credit.

Here are ten things the IRS wants you to know about the first-time homebuyer credit:

1. To be considered a first-time homebuyer, you – and your spouse if you are married – must not have jointly or separately owned another principal residence during the three years prior to the date of purchase.

2. You cannot claim the credit before there is a completed sale and purchase of the residence. The sale and purchase are generally completed at the time of closing on the purchase.

3. To qualify for the credit, the completed purchase must occur before December 1, 2009.

4. The home must be located in the United States.

5. The credit is either 10 percent of the purchase price of the home or $8,000, whichever is less.

6. The amount of the credit begins to phase out for taxpayers whose modified adjusted gross income is more than $75,000 or $150,000 for joint filers.

7. The credit is fully refundable. A homebuyer with no taxable income, who qualifies for the credit, may file for the sole purpose of claiming the credit and receive a refund. The credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

8. The credit is claimed on IRS Form 5405, First-Time Homebuyers Credit.

9. Taxpayers can claim the credit for a qualified 2009 purchase on either their 2008 or 2009 tax return. For those who have filed a 2008 return, a Form 1040X, Amended U.S. Individual Income Tax Return can be filed in order to get a refund in 2009.

10. The credit for qualified 2009 purchases does not have to be repaid, as long as the home remains your main home for 36 months after the purchase date.

Qualified taxpayers who have been considering a main home purchase may find extra incentive from this tax credit to buy now so they can complete the purchase before the December 1 deadline.

 

 

For more information on this and other key tax provisions of the Recovery Act visit the official IRS Website at IRS.gov/Recovery.

Links:
First-Time Homebuyer Credit
YouTube Video - First-Time Homebuyer: English Spanish ASL
Audio File for Podcast - First-Time Homebuyer Credit 2009: English Spanish
The American Recovery and Reinvestment Act of 2009: Information Center
Form 5405, First-Time Homebuyer Credit (PDF)
Form 1040X, Amended U.S. Individual Income Tax Return (PDF)