Take Advantage of Home Buyer Tax Credit Before It Expires

SAN JOSE, Calif., March 5 /PRNewswire/ -- If you've decided to buy a home and take advantage of the Extended Home Buyer Tax Credit, you'd better hurry – the April 30 deadline is approaching.

To get the tax credit, consumers need to close their home purchase between November 7, 2009 and April 30, 2010, or have a binding written contract by April 30, 2010 and close by June 30, 2010. First-time home buyers may be eligible for $8,000 in tax credit and long-time homeowners may get $6,500.

"The tax credit is another factor that sends a large number of consumers house-hunting," said Karl Lee, President of the Santa Clara County Association of REALTORS®. "The buyers also want to take advantage of affordable prices and low interest rates."

Home buyers may apply the credit to their 2009 tax return, filed on or before April 15, 2010, or file an amended 2009 return. They may also choose to apply the credit on their 2010 return. They need to fill out Form 5405 to determine the amount of their available credit.

People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after November 6, 2009. The full credit is available to taxpayers with modified adjusted gross incomes up to $125,000, or $225,000 for joint filers. No credit is available if the purchase price of the home exceeds $800,000.

SCCAOR President Karl Lee can be reached for comments at [email protected] or 408.205.1726.

About the Santa Clara County Association of REALTORS®

SCCAOR, established in 1896, is California's oldest and Northern California's largest real estate association. We represent 7,000 REALTORS® and affiliate members. SCCAOR exists to meet the business, professional and political needs of its members and to promote, protect homeownership and private property rights.

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SOURCE Santa Clara County Association of REALTORS

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