Area December 9, 2009 THE VILLADOM TIMES IV • Page 9 First-time homebuyer credit extended to April 2010 A new law that went into effect last month extends the first-time homebuyer credit five months and expands the eligibility requirements for purchasers. The Worker, Homeownership, and Business Assistance Act of 2009 extends the deadline for qualifying home purchases from Nov. 30, 2009 to April 30, 2010. Additionally, if a buyer enters into a binding contract by April 30, 2010, the buyer has until June 30, 2010, to settle on the purchase. The maximum credit amount remains at $8,000 for a first-time homebuyer; that is, a buyer who has not owned a primary residence during the three years up to the date of purchase. The new law also provides a long-time resident credit of up to $6,500 to others who do not qualify as first-time homebuyers. To qualify this way, a buyer must have owned and used the same home as a principal or primary residence for at least five consecutive years of the eight-year period ending on the date of purchase of a new home as a primary residence. For all qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 tax returns. A new version of Form 5405, First-Time Homebuyer Credit, will be available in the next few weeks. A taxpayer who purchases a home after Nov. 6 must use this new version of the form to claim the credit. Likewise, taxpayers claiming the credit on their 2009 returns, no matter when the house was purchased, must also use the new version of Form 5405. Taxpayers who claim the credit on their 2009 tax return will not be able to file electronically, but instead will need to file a paper return. A taxpayer who purchased a home on or before Nov. 6 and chooses to claim the credit on an original or amended 2008 return may continue to use the current version of Form 5405. Income Limits Rise The new law raises the income limits for people who purchase homes after Nov. 6. The full credit will be (continued on page 23) But STILL can’t lose that Tummy or Cellulite? Call me about VelaShapeTM A NEW Nonsurgical method of Fat reduction and body contouring • Non-invasive • No Anesthesia • No Downtime Beverly Dunn, MD Waldwick, NJ • 201-445-0032 Dieting? Working Out? Paul Banach Construction, LLC Home Remodeling Waldwick • 201-689-0765 • Windows • Doors • Garage Doors • • Finish Carpentry • Crown Moldings, Cabinetry, Walk-In-Closets, etc... • Kitchen & Bathroom Renovations • Take advantage of the Energy Tax Credit in 2009 Speak to your tax advisor to ascertain if you qualify, as these credits will make a project more economical for you! Over 20 yrs. exp. • Senior Citizen Discount • Ref available upon request All work performed by owner • Free Estimates 11-25-09....Mike....from Janine PaulBanach2x2(11-25-09) 2x2” ���� ������ �������� �� ������ �������������� ��� ������ ������������������������������������������������� ������ ������� ���� ���� �������� ������� ������� ������ ������� ��������������� ������� ������ ���� ���������� ��������������������������������������������������� ����������������������������������������������������� ������������������������������ ���������������������������������������������������� ���������������������������������������������������� �������������� ���� ������� ����� ��� ������� ����� �������������� ����� ��������� ������ ��� ��������� ������ ����� ��� ����� ���� �������� ��� ���������� �������� ���� ����� ��� ������� ����������������������������������������������������� ���������� Local NJ Doctor Being Questioned HUGE OFF 1/2 ll Gold s Or ig i na l P r ic e Adrian Jewelers 12-9-09 mike/janine DrJacobs2x3(12-9-09) CUSTOMER N 2 col x3 ECIATIO rev1 APPR Look for our Weekly Specials every week thru Christmas! North Jersey Food Bank Donate canned and boxed food items and earn extra points. EVERY ITEM ON SALE! SALE! 1/2 OFF All S te Or ig A celet Bra WIN A FABULOUS PRIZE! No purchase necessary. No luck involved to win. 1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th 14Kt .50 ct Diamond Pendant Toshiba Laptop 26” LCD HDTV Flat Screen TV Ladies Diamond Watch Digital Camera w/Memory Card Fountain Spa Gift Certificate Brick House Gift Certificate Angel Tips Gift Certificate Charles Hubert Pen Bath & Body Gift Basket Brac rling elets i na l P r ic e F % OF 35 en’s Jewreielrsy o All MAccess & O al r ig in P r ic e Mon-Fri 9:30-5:30 Thurs 9:30-7:00 Sat 9:30-5:30 Closed Sunday Holiday Hours Beginning Dec. 14, Open till 8:00pm 35 % OFF A ll D ia Or ig i na l Pen mond dant s P r ic e 637 Wyckoff Ave • Wyckoff, NJ • 201-891-5588 FREE ENGRAVING • FREE LAYAWAY WE BUY GOLD!!! All major credit cards accepted