The first time buyer tax credit has been extended to april of 2010!!!
What's more there is now a move-up buyer tax credit as well for those who have owned a home five or more years and are wanting to purchase another.
Here are the details from our blog:
Tax Credit Extension
November 10, 2009
The US Senate and House of Representatives have extended the 1st time Home Buyers Tax Credit as well as modified it to now include ‘Move Up’ buyers. This is great news if you are currently in the market to purchase a home.
To simplify what has happened I’ve made a quick go to list to help see if you qualify:
1st Time Buyer:
$8,000 credit
Close by April 30, 2010
Must be the 1st property you have purchased or can not have owned a home for the last 3 years
Existing Home Owners:
$6,500 tax credit
Close by April 30, 2010 (or be in a binding contract & must close by 6/1/01)
Last property must be principle residence for 5 consecutive years (within the last 8 years)
The income limits that the home buyers must qualify for are as follows:
$125,000 – single person
$225,000 – for couples
Also the purchase price of the home can not exceed $800,000.
The credit does NOT need to be repaid if, the home buyer keeps the property for 3 years. If a person sells before the 3 year period is over, they will have to repay it.
Clearly this is great news if you are buying a property. If you have any questions feel free to contact Susanne and I or you can always go straight to the source and speak directly with the IRS 1-800-829-1040.