Tax Credit Extended
December 16, 2009
BREAKING NEWS! The Home Buyer Tax Credit has been extended and expanded! Now, eligible existing home owners may also qualify for a tax credit of up to $6,500! It’s the right time, right now, to sell your current home and to buy a new home.
NEW $6,500 Tax Credit for Current Home Owners* • Eligible home buyers must have lived in their current home for 5 consecutive years of the past 8 years.
• The new home does not have to cost more than the old home.
• Eligible for homes with purchase agreements written by April 30, 2010, and that close before June 30, 2010.
• Annual income caps to qualify for the full tax credit apply: $125K for single filers and $225K for joint filers. Partial tax credit can be granted for incomes up to $145K for single filers and $245K for joint filers.
The $8,000 First-Time Homebuyer Tax Credit is Extended!*
• Now, qualified first-time home buyers will qualify to receive their $8,000 tax credit if they sign a purchase contract by April 30, 2010, and close by June 30, 2010.
• The home purchased must be their primary residence.
• Qualified buyers cannot have owned a home during the past three years.
• Tax credit is up to 10% of the home value (not to exceed $8,000).
• Annual income caps to qualify for the tax credit have increased: $125K for single filers and $225K for joint filers. Partial tax credit can be granted for incomes up to $145K for single filers and $245K for joint filers.
For more information on these tax credit opportunities view our exclusive Tax Credit informational video on our Reece and Nichols website.
We are committed to providing a remarkable home buying and selling experience to each of our clients. If you or someone you know is in a situation to change their space because of the tax credit incentives, We would be interested in talking to them.
Tax Credit for Home Buyers
November 17, 2009
| Extended & Expanded Home Buyer Tax Credit | |||
| As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that extends the $8,000 credit for first-time home buyers, and expands the program to offer a $6,500 credit for repeat buyers who have been in their current residence for five consecutive years out of the last eight.
The qualifying income limits have also been raised to $125,000 for singles and $225,000 for joint tax payers. Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for less than $800,000. In order to be eligible for the credit, buyers must have a written sales agreements in hand by April 30, 2010. Buyers then have an additional 60 days to close on the property (June 30, 2010). |
|||
| Click here to view the National Association of REALTORS® Tax Credit Comparison Chart | |||
|
|||
| Who Qualifies for the Tax Credit? | |||
| First-time home buyers who have not owned a principle residence at any time during the three-year period leading up to the purchase of the home who purchase homes between January 1, 2009 and April 30, 2010.
Current home owners purchasing a home between November 6, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight. All types of homes qualify for the credit, including single-family, townhomes, and condominiums, as long as the property purchased will be used as a primary residence. The amount of the tax credit is up to 10% of the purchase price of the home with a maximum of $8,000 for first-time buyers and $6,500 for repeat home buyers. Single taxpayers with incomes of up to $125,000 and married taxpayers with incomes of up to $225,000 can qualify for the full tax credit. You may qualify for a partial tax credit if your income is greater than $125,000 to $145,000 for a single taxpayer and $225,000 to $245,000 for married taxpayers filing a joint return. For more information on the First-Time Home Buyer Tax Credit, please see our Frequently Asked Questions. |
Connect with Us
-
-
