First Time Home Buyer Tax Credit Extended and Expanded!

Posted by Thomas Jackson on Thursday, November 12th, 2009 at 9:03am.

Its official, the Worker, Homeownership and Business Assistance Act of 2009 extends and expands the first time home buyer tax credit.   The new law:

  • Extends deadline to April 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
  • 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.

 

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1 Response to "First Time Home Buyer Tax Credit Extended and Expanded! "

san diego realestate market wrote:
Real estate joke time! Hey if you want to know exactly where the property line is, just watch the neighbor cut the grass.

Posted on Wednesday, June 16th, 2010 at 9:11am.


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