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Tax Credits

Current Tax Credits

The $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers have expired. However, service members who were on official extended duty outside of the United States for at least 90 days between Jan.1, 2009 and May 1, 2010, may qualify for a one-year extension.

For home purchases where a binding sales contract was signed by April 30, 2010, otherwise qualified buyers now have until September 30, 2010 to complete the purchase. Congress has extended the closing date to provide buyers who had binding sales contracts in place by April 30, 2010, additional time to complete their purchases.

Although the home buyer tax credits have expired, the National Association of Home Builders will continue to maintain the following links as a public service:

• Frequently asked questions about the $8,000 first-time home buyer tax credit.

• Frequently asked questions about the $6,500 tax credit for repeat home buyers.

• Special rules that apply to members of the military, the foreign service and the intelligence community.