$8000 Home Buyer Tax Credit extended and expanded for 2010

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.

Posted in Local Events.

Fatal error: Uncaught Exception: 12: REST API is deprecated for versions v2.1 and higher (12) thrown in /home/content/76/12108376/html/wp-content/plugins/seo-facebook-comments/facebook/base_facebook.php on line 1273