Home Buyer Tax Credit Extended!

Home Buyer Tax Credit has not only been extended, but it has also been expanded to include current homeowners. The following are features of the new bill:

Deadline for new and improved credit is April 30, 2010, as long as the home is under contract by that date; deal must close within 60 days.

Eligibility and amount of new credit:

$8,000 for first-time home buyers (those who have not owned a home in the last three years).

Up to $6,500 credit for homeowners who have lived in the home they are selling, or have sold, as a principal residence for five consecutive years in the past eight.

Buyers with income exceeding $125,000 for single and $225,000 for married couples are not eligible.

Homes valued at more than $800,000 are also ineligible.

Home Buyer Tax Credit - Extension is Close!!!

A Senate committee reached a compromise to extend the $8,000 tax credit for first-time home buyers, a boost the housing industry expects will help it pull out of its two-year-old downturn.

Lawmakers in Washington also added a $6,500 tax credit for other primary-home purchasers and raised the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers, housing-industry sources said.

Under the Senate panel compromise, buyers must have sales agreements in hand by April 30, but they will have until June 30 to go to settlement, the sources said. The measure still faces votes in the full Senate and the House.

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First Time Buyer Tax Credit - Time is Running Out

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$8,000 TAX CREDIT FOR FIRST-TIME BUYERS

First-time home buyers will get a tax credit windfall if they buy before December 2009. As part of the economic stimulus bill, first-time home buyers can claim a credit worth $8,000 (or 10% of the homes value, whichever is less) on their 2008 or 2009 taxes.

This credit is refundable, meaning that tax filers see a refund of the full $8,000 even if their total tax bill was less than that amount. Unlike the earlier version of the tax credit which really was a loan, this tax credit does not have to be paid back if the buyers live in the home for at least 3 years.

To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009. Buyers must be first-time home buyers, meaning they cannot have owned a home in the past three years.

There also are income restrictions. To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. Higher income buyers may receive a partial credit up to a certain amount of income.

Taxpayers who already have completed their 2008 returns can file amended returns for 2008 in order to claim the credit.

Stimulus Bill

The current stimulus bill that will be signed by the President tomorrow allows for a Tax Credit of $8,000 for first time home buyers. This is a pure credit! If you have been considering buying a home, now is the time to act. Prices are down, interests rates are at historic lows. This is truly a great time to buy a home.