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The Worker, Homeownership and Business Assistance Act of 2009, signed into law on November 6, 2009 extends and expands the first-time homebuyer credit allowed by previous Acts.
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Under the new law, an eligible taxpayer must buy or enter into a binding contract to buy a principal residence on or before April 30, 2010 and close the
home purchase by September 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 tax return.
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The new law also:
- authorizes the credit for long-time homeowners buying a new principal residence.
- raises the income limitations for homeowners claiming the credit.
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First-time Homebuyers Eligibility |
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A government tax credit up to $8,000 is available for eligible First-time Homebuyers who execute a purchase agreement on or before April 30, 2010.
The mortgage closing must occur on or before September 30, 2010.
Learn more.
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| Move-up Homebuyers Eligibility |
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The new law also provides a credit of up to $6,500 to “long-time residents” purchasing a new principal residence. To qualify, eligible
buyer must have owned and lived in their old home for at least five consecutive years of the eight-year period ending on the date of purchase of the
new primary home.
Learn more.
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