First Time Home Buyer Tax Credit Extended and Expanded!
Its 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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