Beazernomics = Homebuyer Tax Credit

If you’re a qualified member of the military, foreign service or intelligence community, you may have an additional year to take advantage of the $8,000 tax credit for first-time homebuyers and $6,500 tax credit for repeat homebuyers. That’s a guaranteed federal tax credit that directly reduces the amount of taxes you owe for the entire year.

You may qualify for the $8,000 federal tax credit if*:

• You are a member of the uniformed services of the U.S. military, Foreign Service or an employee of the intelligence community and have been on a period of extended duty outside of the U.S. for at least 90 days between December 31, 2008 and May 1, 2010.
• You are a first-time buyer or have not owned a home for the past 3 years
• You enter into a written contract for sale by April 30, 2011 and close on the new home by June 30, 2011
• You make $225,000 or less if filing as a couple ($125,000 or less if filing single)
• You don't sell the home within 3 years of closing, unless you sell due to an official extended duty
• You use the new home as a principal residence, which can be a single-family home, condominium or townhome
• The purchase price of the home is $800,000 or less and you did not buy it from a lineal ancestor or descendent
• You are not claimed as a dependent on someone else's tax return

You may qualify for the newly expanded $6,500 federal tax credit if*:

• You are a member of the uniformed services of the U.S. military, Foreign Service or an employee of the intelligence community and have been on a period of extended duty outside of the U.S. for at least 90 days between December 31, 2008 and May 1, 2010.
• You are an existing homeowner who has owned and lived in your home for any 5 consecutive years out of the last 8 years
• You enter into a written contract for sale by April 30, 2011 and close on the new home by June 30, 2011
• You make $225,000 or less if filing as a couple ($125,000 or less if filing single)
• You don't sell the home within 3 years of closing, unless you sell due to an official extended duty
• You use the new home as a principal residence, which can be a single-family home, condominium or townhome
• The purchase price of the home is $800,000 or less and you did not buy it from a lineal ancestor or descendent
• You are not claimed as a dependent on someone else's tax return