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First-Time Homebuyer Credit - IRS tax forms - first time home owner tax credit


First-Time Homebuyer Credit - IRS tax forms-first time home owner tax credit

First-Time
Homebuyer Credit
Presented by
Earned Income Tax Credit/Pre-
Refund Office
and
Taxpayer Advocate Service
Homebuyer Credit Laws
? The Housing and Economic Recovery
Act of 2008 (HERA)
? The American Recovery and
Reinvestment Act of 2009 (ARRA)
? The Worker, Homeownership and
Business Assistance Act of 2009
(WHBAA)
? Homebuyer Assistance and
Improvement Act of 2010
Homebuyer Assistance and
Improvement Act of 2010
? Eligible Taxpayers who contracted to
buy a home before the end of April 2010
now have until Sept 30, 2010 to
close on the deal.
? President Obama signed this act into
law July 2, 2010

Can you still get a first time home buyer tax credit?Reps. Earl Blumenauer and Jimmy Panetta introduced the First-Time Homebuyer Act in the House in late April. The bill, which closely resembles what Biden proposed during his campaign, would create a refundable tax credit worth up to 10 percent of the purchase price, or $15,000, for the purchase of a home.