Revisions to Homebuyer Tax Credit reaches out to more Americans

Posted by David Richard on Friday, November 20th, 2009 at 4:00pm.

The rules of the revised Homebuyer Tax Credit are still coming down from the IRS and soon we will be able to provide you their forms.  For now, the best summary of the rules I have seen are spelled out in this brief from NAR.  You must maintain any home you use to obtain this credit as your primary residence for at least three years.  Otherwise, you are subject to payback requirements.  Thankfully, there are some special rules for active military and foreign service personnel that protect them if they have to move.

 Remember, you must be under contract by April 30, 2010 or you will be subject to a phase out of the credit.  The National Association of REALTORS lobbyists were clearly told not to come back asking for any further extension of this stimulus provision.

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