Buyer Tax Credit Extension
Posted by Erin (Lee) Muckerheide on Tuesday, November 10th, 2009 at 2:29pm.Worker, Homeownership and Business Assistance Act of 2009
Good news...the "first-time buyer credit", as many call it, has been extended and modified! The new law extends the deadline for purchasing a home and includes current homeowners. It also raises the income limitations for those eligible for the credit.
Under the new law, buyers must enter into a binding contract by April 30, 2010 and close by June 30, 2010. Current homeowners that have lived in their home as their principal residence for at least five consecutive years of the last eight years are also eligible for a slightly smaller credit of up to $6,500 (versus the $8,000 for first-time buyers).
Finally, the income limitations have been increase from $75,000 to $125,00 for individuals and $150,000 to $225,000 for joint filers. There are phase outs between $125,000 and $145,000 for individuals and $225,000 and $245,000 for joint filers, where buyers get a portion of the credit.
This is great news for those of you who were going to miss the November 30, deadline or are not first-time buyers. Let our team know if you are in the market to buy or sell!! Please consult your tax professional or Certified Public Accountant (CPA) for the exact details and limitations.
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Great information Erin. This is fantastic news for nearly all home buyers in the Twin Cities area! I am especially excited for the current home owners who will be able to take advantage of the $6,500 credit. Anyone who is thinking about buying a home should take the next step and contact a real estate agent right now. It usually takes 1-3 months to complete the home buying process and the April 30, 2010 deadline is going to sneak up pretty quickly!
Posted on Thursday, November 12th, 2009 at 4:21 PM.