In addition, the income limits were increased, making even more people eligible.Įxisting homebuyers are eligible to receive a tax credit of 10% of the purchase price up to $6,500 if they bought and closed on a replacement home by September 30, 2010.
The Congress and the Obama Administration extended and expanded the wildly popular 2008 first-time homebuyer tax credit. Tax Credit of up to $8,000 for First-Time Homebuyers and $6,500 for Existing Homeowners Congress made many significant tax changes in late 2010, including passage of the Tax Relief Act, that will have a major impact over the next several years. We include changes for past years to show how the tax law has progresses and to provide information for those doing tax returns for prior years. Pick a year from the list below to learn what tax changes affect that year's returns. To help you determine how these tax laws affect your long-term planning, this article explains the changes scheduled to come into effect through 2017. Many of the tax breaks in recent tax-relief bills were designed to be phased in over a number of years, or are indexed to inflation. Some tax information below will change for your 2018 taxes, but won’t impact your 2017 taxes. The article below is accurate for your 2017 taxes, the one that you file this year by the April 2018 deadline, including a few retroactive changes due to the passing of tax reform.
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