Extended & Expanded Tax Credit Highlights

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The Federal government has extended the $8,000* tax credit to first time homebuyers through April 30, 2010.

To qualify, you must not have had an interest in a principal residence for three years.

The credit has expanded to include a $6500* credit for Current homeowners.

To qualify you need to have used the home you're selling as a principal residence for at least 5 of the last 8 years.

The income limits to qualify for the credit have been raised.

$125,000 for single/$225,000 for married filers 

(it was $75,000 single/$150,000 married)

There is now an $800,000 limit on the cost of the purchased home and dependents are now ineligible.
As long as a binding contract is in place by the deadline, you have till July1, 2010 to close.

Any questions or comments, just write me anytime.

Donald

*if married filing separately the credits are halved

 

Date: Wednesday, November, 11th 2009 @ 09:57:20 AM
Views: 134

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