First Time Home Buyer Tax Credit Extended and Expanded!
Thursday, November 12th, 2009Its official, the Worker, Homeownership and Business Assistance Act of 2009 extends and expands the first time home buyer tax credit.
- Extends deadline to April 30, 2010
- You must enter into a binding contract by April 30, 2010 and close by June 30, 2010.
- You must enter into a binding contract by April 30, 2010 and close by June 30, 2010.
- Allows long time homeowners buying a replacement principal residence to receive the credit
- Long time homeowners who buy a replacement principal residence may claim a credit of up to $6,500. They must have lived in the same principal residence for five consecutive years
- Long time homeowners who buy a replacement principal residence may claim a credit of up to $6,500. They must have lived in the same principal residence for five consecutive years
- Raises income limits for qualification
- People with higher incomes can now qualify for the credit. The new law raises the income limits to between $125,000 and $145,000 for Individual taxpayers or between $225,000 and $245,000 for joint filers.
- People with higher incomes can now qualify for the credit. The new law raises the income limits to between $125,000 and $145,000 for Individual taxpayers or between $225,000 and $245,000 for joint filers.
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