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Homebuyers who act quickly may take advantage of the extended and expanded federal homebuyer tax credit. Unlike previous federal homebuyer tax credits, this extended and expanded version does not have to be paid back. Remember back in November, 2009 when The President signed into law the home buyer tax credit extension? Well, time is running out for would be home buyers because the extension was not a very long one. Those who are considering purchasing a home in 2010, may take advantage of this tax credit if they purchase their home before the deadline. A homebuyer must purchase a home before April 30, 2010. Unless they already have a home picked out, this means they should get moving on it. The buyer must have an accepted contract by April 30, 2010 and they will have until June 30, 2010 to close.

Searching for a home and negotiating the terms of a purchase contract is not an easy task and its better to get it done early rather than to close too late to pocket the tax credit. Those who have experience purchasing homes can attest to the considerable time delays of what should be a simple negotiation. There are counter offers and counters to the counters and sometimes ridiculous demands from the sellers. Swooping in at the last moment with an offer is not the proper strategy for a buyer who is serious about receiving the tax credit.

What does the extension and expansion do? Well for starters, it includes not only first time home buyers but also existing homeowners. The previous federal homebuyer tax credit only included first time homebuyers. Now, existing homeowners can receive a tax credit up to $6,500.00 in addition to the first time home buyers receiving a tax credit up to $8,000.00. First-time home buyers and existing homeowners who purchase homes between November 7, 2009 and April 30, 2010 can participate. A current homeowner is defined as a homeowner who has used the home being sold as a principal residence for five consecutive years within the last eight years.

Also, in order to qualify as a first-time home buyer, the purchaser or the purchaser’s spouse may not have owned a residence during the three years prior to the purchase. The revised tax credit raises the income limits for people who purchase homes after November 6, 2009. Taxpayers with modified adjusted gross incomes up to $125,000 or $225,000 for joint filers are eligible to receive the full tax credit. Tax filers with modified adjusted gross incomes between $125,000 and $145,000, or $225,000 and $245,000 for joint filers, are eligible for a reduced credit. Taxpayers with higher incomes will not qualify.

Those who purchased homes prior to November 7, 2009, will fall under the lower modified adjusted gross incomes which were in place prior to the extension and expansion. Those limits for the full credit are as follows: Taxpayers with modified adjusted gross income up to $75,000, or $150,000 for joint filers. Taxpayers with modified adjusted gross incomes between $75,000 and $95,000, or $150,000 and $170,000 for joint filers, will be eligible for a reduced credit. Those with higher incomes will not qualify.

There are new restrictions and requirements added for those who purchase a home after November 6, 2009. Dependents are not eligible. If the purchase price of a home exceeds $800,000 then no credit is available. A purchaser must be at least 18 years of age on the date of purchase.

The addendum to your 1040 for this tax credit is IRS form 5405. There will be a new 5405 form available at the irs.gov site which includes the extension and expansion of the older tax credit. Taxpayers who purchased a home on or before November 6, 2009 and choose to claim the credit on an original or amended 2008 return may continue to use the current version of form 5405.

The first step to purchasing a home is to get pre-approved for a mortgage loan. For your FREE pre-approval or any of your mortgage needs, You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Bill Burress, Nationwide Mortgage Expert has over 28 years experience in the mortgage business. Bill Burress, Nationwide Mortgage Expert and author of this article is now approving real estate mortgage loans Nationwide. [IRS VIDEO] IRS.gov/recovery Those seeking to qualify for the tax credit should consult the IRS guidelines and a tax professional. Copyright 2010 Bill Burress, Nationwide Mortgage Originator. All rights reserved. Article Source: http://EzineArticles.com/?expert=Bill_Burress

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