Homebuyer Tax Credit Extension Made Simple
Posted on | November 19, 2009 | Written by: Diane Donnelly
The bill that President Obama signed is intended to create urgency for buyers to buy homes. But this bill doesn’t only pertain to first time home buyers as the first one did that has expired.
Here’s the deal.
- The purchase must be made before May 1, 2010 and closing must take place before July 1, 2010
- Our brave members of the military, if serving outside of the United States for at least 90 days, has a more generous time frame of June 30, 2011.
- Also expanded - Income limits - $125,000 for a single buyer and $250,000 for a married couple. *There are phase out provisions (where the credit begins to decrease), please see your CPA for advice.
- Here’s a BIG one! The credit has been expanded to include purchases of a principal residence by people who have lived in their current principal residence for at least five out of the last eight years. The credit for these individuals is $6,500.
- The maximum purchase price is $800,000.
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Category: FSBO, First Time Seller, Home Buying Strategies, Home Selling Strategies, Stimulus Package, Uncategorized, first time home buyer
Tags: First-Time Homebuyers > home buyer > home purchase > tax credit
Tags: First-Time Homebuyers > home buyer > home purchase > tax credit
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