Great News! Congress has extended & expanded the homebuyer tax credit into 2010 (see chart for details)
CREDIT FEATURES | Old 2009 Tax Credit January 1 - November 30, 2009 | New Extended Tax Credit December 1 - April 30, 2010 |
Amount of Credit? | $,8000 (1st time homebuyers) | $8,000 (1st time homebuyers) |
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| 1st time homebuyer eligabilty? | If you have not owned a home for 3 years prior to purchase | (Same) |
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| If current homeowner? | ------------------- | $6,500 (current homeowners) |
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| Effective date? | -------------------- | December 1, 2009 |
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| Current homeowner eligability? | -------------------- | Must have used the home sold or being sold as principal residence concecutively for (5 ) of the previous 8 years |
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| Termination of Credit Date? | Purchases after 11/30/2009... has been changed to 4/30/2010 | Purchases after April 30, 2010 |
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| Binding Contract Rules? | (none) | So long as a written binding contract to purchase is in effect on 4/30/2010, the purchaser will have until July 1, 2010 to close |
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| Are there income limits? | $75,000 - single $150,000 - married | $125,000 - Single $225,000 - Married |
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| Limiton on cost of home purchased? | (no limit) | $800,000 |
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| Are there any Anti-Fraud Rules? | (no provisions) | Purchaser must attach Documents of purchase to tax return |
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| Can the home be purchased by a dependent? | yes - can have a co-signer | Ineligible |
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Please feel free to contact me if you have any specific questions about this tax credit or about becoming a homeowner!