Monday, April 11, 2011

Are Tax Credits Still Available for First Time Home Buyer's in 2011?

Income Tax credits are only available to qualifying military personnel.  Here is a link to the Home Buyer Tax Credit Review article. 

Because of the many different tax credits, times covered by the offering, and what tax credits needed to be repaid and which ones didn't, here is a quick review:

Summary of the First-Time Homebuyer Credit by Year

For 2008: up to $7,500, the credit is paid back over 15 years. For Jan - Nov 2009: up to $8,000, the credit does not need to be paid back.
For Dec 2009 - April 2010: up to $8,000 for first-time buyers, the credit does not need to be paid back.
For Nov 7, 2009 - April 2010: up to $6,500 for "long-term residents" buying a new home, the credit does not need to be paid back.
Until April 30, 2011: homebuyer credit continues to be available for qualified members of the U.S. uniformed services.

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