Homebuyer Tax Credit Extension
$8,000 and $6,500 in Tax Credits Available
The President signed a bill that went into effect on December 1st extending and expanding the first time homebuyer tax credit. Below are the new terms.
First time homebuyers are eligible for a tax credit of up to $8,000 or 10% of purchase price of the home.
New to the bill is the tax credit available for existing home owners of $6,500 if they have lived in their current home for 5 of the past 8 years.
There are income limits that apply to receive these credits and those are $125,000 for a single person and $225,000 for a married couple.
There is also a purchase price limit of $800,000 for existing home owners and no limit for first time buyers.
To receive either of these credits all offers must be written and accepted by April 30, 2010 and must close by July 1, 2010.
These are just a few of the changes. For more information you can check out the National Association of Realtors website: www.realtor.org