First Time Home Buyer Tax Credit Extended - it's passed the House and Senate, and now needs to be signed into law by President Obama.
The full details aren't entirely clear yet, but Kammie has put together a good overview here!
And yes, the April 1st deadline will allow many more homebuyers to build exactly what they want - and still close on time.
Congress has extended and expanded the homebuyer tax credit. The modifications in the column labeled
"December 1 - April 30, 2010" become effective when President Obama signs the bill. All changes made
to the current credit become effective on that date, as well.
First Time Buyer - Amount of Credit - $8000 ($4000 married filing separate)
Current Homeowner - Amount of Credit - $6500 ($3250 married filing separate)
First Time Home Buyer Definition for Eligibility - May not have had an interest in a principal residence for 3 years prior to purchase
Current Homeowner - Definition for Eligibility - Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years Purchases after November 30, 2009. (Becomes April 30, 2010 on Date of Enactment.)
Binding Contract Rule - So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Income Limits (Note: Increased income limits are effective as of date of enactment of bill)-
First Time Home Buyers: $75,000 - single, $150,000 - married, Additional $20,000 phase out
Current Homeowners: $125,000 - single, $225,000 - married, Additional $20,000 phase out
Limitation on Cost of Purchased Home -
First Time Home Buyers: None
Current Home Owners: $800,000
For Property information that will assist you in obtaining this Tax Credit go to:
http://www.Kammie.BestSonomaHomeSearch.com
Finding Your New Home in the Raleigh Area
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Thanks for the clear definintion. Helps a bunch
Tony