$8000 First Time Home Buyer Tax Credit Extended and even expanded for Repeat Buyers! Everything you ever wanted to know and more.....
The Worker, Homeownership, and Business Assistance Act of 2009 has recently extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The bill also authorized a tax credit of up to $6,500 for qualified repeat home buyers. 
There are so many questions you as a potential may have, and I have provided links below that I feel explain this new tax law the best! I used to be a tax accountant, and I know how complicated the rules can be for even the most seasoned professionals. If you have any additional questions, please do not hesitate to call me. If I can’t answer , I know some of the best tax accountants in town!
For more information about the first time home buyer’s credit, this is the best information I have read thus far!
Questions and Answers about the First Time Home Buyer’s Credit
Questions and Answers about the Credit for Repeat Buyers
By the way….I thought this answer was the most interesting answer that applies to the First Time Home Buyer’s Credit… This really gives new home buyers a lot of opportunity to do pick and choose when they will get the best benefit of the tax credit!
Question...
If I’m qualified for the tax credit and buy a home in 2009 (or 2010), can I apply the tax credit against my 2008 (or 2009) tax return?
Answer
Yes. The law allows taxpayers to choose (“elect”) to treat qualified home purchases in 2009 (or 2010) as if the purchase occurred on December 31, 2008 (or if in 2010, December 31, 2009). This means that the previous year’s income limit (MAGI) applies and the election accelerates when the credit can be claimed. A benefit of this election is that a home buyer in 2009 or 2010 will know their prior year MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.
Taxpayers buying a home who wish to claim it on their prior year tax return, but who have already submitted their tax return to the IRS, may file an amended return claiming the tax credit using Form 1040X. You should consult with a tax professional to determine how to arrange this.
If you would like more information about the Chicago Northwest Suburbs,including Buffalo Grove, Lincolnshire, Long Grove, Vernon Hills, and Lake Zurich please do not hesitate to call me at 847-602-5435
The above information regarding was provided by Judy Greenberg, Lincolnshire Realtor with Coldwell Banker Residential Brokerage
Judy's websites, www.movetolonggrove.com , www.buffalogroveareahomes.com and www.judygreenberg.com will provide you all the information regardless as to whether you are a potential buyer or seller!
Judy can be reached at 847-602-5435 or via email at info@buffalogrovehomes.com. Judy has helped people move in and out of the Chicago Northwest Suburbs.
Judy, thanks for the info. The tax credit get extended which should be great but now there are a ton of questions from some of the changes.
Hi Judy. This is just such hot off the presses news I am glad you added all the details for everyone. Can't wait to play ping pong or a golf game with you some day.
Judy,
Good job of getting the information out there -- Buyers will definitely have questions, I'm sure.
Judy - It's going to be interesting to see how the new 6500 credit will affect current owners and their plans. thanks for the info.
Thanks guys for the comments. Every realtor should know the basicss to advise their clients. After that they should have them consult their tax advisors.
People will have to move fast to use the new buyer credit. They need to sell and buy very quickly!