Investopedia

Continue to Site »

Longtime Homebuyer Tax Credit

Filed Under » ,
Dictionary Says

Definition of 'Longtime Homebuyer Tax Credit'

The Longtime Homebuyer Tax Credit was a federal income tax credit available to homebuyers who had owned and lived in the same principal residence for five of the last eight years before the purchase of their next home. In order to qualify for the credit, most homebuyers would have had to sign a binding sales contract for the home before April 30, 2010 and close on the purchase before June 30, 2010.
Investopedia Says

Investopedia explains 'Longtime Homebuyer Tax Credit'

The homebuyer tax credits were designed to bring new buyers to the housing market and increase demand in order to stabilize falling housing prices. By most accounts, the credits were successful in increasing home sales and median prices. Critics of the tax credit believe that this subsidy artificially inflates home prices and that it acts as only a temporary support for falling prices.

Related Video for 'Longtime Homebuyer Tax Credit'

Articles Of Interest

  1.

    Getting A Job As The Tax Man

    If you'd like the IRS to pay you some money for a change, consider a career working in taxes.

  2. 5 Tax Credits You Shouldn't Miss

    If you're not taking advantage of these deductions, you could be missing out on tax savings.

  3. How To Save More For Your Retirement

    The Economic Growth and Tax Relief Reconciliation Act of 2001 made it easier to prepare for the future. Will you be ready?

  4. 10 Steps To Tax Preparation

    Follow these simple steps to get you ready for April 15.

  5. 10 Most Overlooked Tax Deductions

    The receipts you cram into your wallet could be replaced with cash come tax season.

  6. Give Your Taxes Some Credit

    A few tax credits can greatly increase the amount of money you get back on your return.

  7. Tax Deductions Vs. Tax Credits

    Understanding the difference between tax deductions and credits is crucial, as the tax strategies that you adopt now can favor one over the other and yield substantially different tax savings.

  8. Has Income Tax Become A Class Tax On The Poor?

    With more than 33% of American families falling close to the poverty line despite their adult members holding full-time employment, a rising number of citizens are being forced to pay a rate ...

  9. Possible Effects Of The Online Retail Tax

    The U.S. Senate has passed a bill that will impose a sales tax on online retailers. Discover how the Marketplace Fairness Act could affect your bottom line.

  10. How To Get The Most Out Of Hiring An Accountant

    When you hire an accountant, getting good tax advice going forward is as valuable as – or perhaps even more valuable than - getting the previous year’s taxes filed correctly. Learn what you need ...
comments powered by Disqus
Marketplace
Hot Definitions

  1. Cost-Push Inflation

    A phenomenon in which the general price levels rise (inflation) due to increases in the cost of wages and raw materials.

  2. Happiness Economics

    The formal academic study of the relationship between individual satisfaction and economic issues, such as employment and wealth.

  3. Affluenza

    A social condition arising from the desire to be more wealthy, successful or to "keep up with the Joneses." Affluenza is symptomatic of a culture that holds up financial success as one of the highest achievements.

  4. Icarus Factor

    The term Icarus factor describes a situation where managers or executives initiate an overly ambitious project which then fails. Fueled by excitement for the project, the executives are unable to reign in their misguided enthusiasm before it is too late to avoid the failure.

  5. Angelina Jolie Stock Index

    An index made up of a selection of stocks from companies associated with actress Angela Jolie.

  6. Consequential Loss

    The amount of loss incurred as a result of being unable to use business property or equipment.
Trading Center