First-Time Homebuyer Credit Extended: Take Advantage of Tax Break Till May 2010
For people who are planning to purchase a home for the first time in the near future, you can still qualify to receive the First-Time Homebuyer Credit if you finalize your purchase by May 1st, 2010. The initial FTHBC was due to expire after November 30, 2009 but has now been extended for another six months.
First-time homebuyers should take advantage of the monetary benefits of this credit by meeting the extended deadline. The credit can amount up to $8,000 which can be claimed on Form 5405. Learn more about how you can qualify for the First-Time Homebuyer Credit.
CCH (http://intelliconnect.cch.com) reports:
2009 Worker Act: Enhanced First-Time Homebuyer Credit
The Worker, Homeownership, and Business Assistance Act of 2009 (2009 Worker Act) extends the first-time homebuyer credit (FTHBC), which was due to expire after November 30, 2009, to qualified purchases of a principal residence on or after April 9, 2008, and before May 1, 2010. In addition, the 2009 Worker Act allows a reduced credit for long-time residents who purchase a new principal residence; creates purchase price, age and dependency limitations; extends the waiver of FTHBC recapture through 2010; eases rules to allow military families to claim the FTHBC; and increases phase-out amounts.
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Tags: first time homebuyer credit, first-time homebuyer credit extension, first-time homebuyer tax credit, tax breaks
