The Worker, Home Ownership, and Business Assistance Act of 2009 has extended and expanded the home buyer tax credit through 2010.
First Time Home Buyer Tax Credit of $8000
- The credit has been extended to cover sales from January 1, 2010 through April 30, 2010.
- A binding executed contract prior to April 30, 2010 will qualify for the credit as long as it closes by June 30, 2009.
- Income limits for single taxpayers is $125,000 until January 1, 2010 and $75,000 from January 1, 2010 to April 30 , 2010.
- Income limits for married taxpayer filing jointly is $225,000 until January 1, 2010 and $150,000 from January 1, 2010 until April 30, 2010.
- The property must be a primary residence and the buyer must not have owned a property within the past three years.
Move Up Home Buyer Tax Credit of $6500
- Property must be purchased as a principal residence. No investment properties.
- The credit has been extended to cover sales from January 1, 2010 through April 30, 2010.
- A binding executed contract prior to April 30, 2010 will qualify for the credit as long as it closes by June 30, 2009.
- Married filing separately can only claim $3250.
Learn more at Home Buyer Tax Credit.
Don’t miss the opportunity to buy in this market. Reduced prices and record low interest rates there has never been a better time to buy. Ask your Realtor for more information.
