The Homebuyer Tax Credit has been extended through 30 April 2010. The details have been expanded to include current home owners finally. Current home owners can take advantage of 'portability' of their current tax savings to a new home as well!


First-time homebuyers
The maximum tax credit remains $8,000 ($4,000 for married individuals filing separately), and anyone who has not owned a home within three years is considered a “first-time buyer.”

A purchase must be under contract by April 30 and must close no later than June 30, 2010.

After Dec. 1, 2009, income limits rise to $125,000 for singles and $225,000 for married couples( limits effective through Nov. 30 are $75,000 for singles and $150,000 for married couples).

The maximum home value purchased cannot exceed $800,000.

Current homeowner tax credit
An existing homeowner who purchases a home may claim a tax credit of up to $6,500. To qualify, that owner must have owned and used the same residence as a principal residence for any consecutive five-year period in the previous eight years.

This new tax credit is effective immediately. Eligible homebuyers do not have to wait until Dec. 1 to close in order to qualify.

Personal income limits, maximum home value, and contract/closing deadlines are the same as those for first-time homebuyers.

Long-time Florida homeowners who enjoy discounted property taxes resulting from the state’s Save Our Homes amendment qualify for property tax portability.


Florida Homebuyer Opportunity Program
Under FHOP, first-time Florida homebuyers can obtain interest-free bridge loans to access their federal tax credit before they complete a home purchase, enabling them to use that money upfront for down payment and closing costs. There is $28 million in funds remaining throughout Florida. These funds are dispersed through local SHIP programs for use at the time of closing. When the homebuyer submits their next IRS return and collects the tax credit money, it is then to be repaid to the state.



Portability

Any Florida homesteaded property owner who establishes a new homestead can 'port' their property tax savings. Up to $500,000 may be transferred to the new homestead. Someone moving to a more expensive home will transfer the dollar amount and someone moving to a less expensive home will transfer the percentage value. The 3% cap on tax assessments for homesteaded properties will remain intact under the 'Save Our Homes' rule.