It wasn’t really surprising to hear that home sales declined nationally in December 2009 as the First Time Home Buyer Tax Credit were set to expire and right on cue, Congress extended them to people who have signed a contract by April 30, 2010 on a new home (and closed by June 30, 2010).
I know we are looking to purchase a home relatively soon and hopefully everything should get wrapped up quickly so I don’t think this deadline will be an issue for us. For those of the homeowners who may have already owned a place in the past three years, there is also a rebate for them but it is a little less than the $8,000 rebate for first time buyers.
The official name of the tax credit is “The Worker, Homeownership, and Business Assistance Act of 2009” which has been extended into this year has established a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).
The federal income tax credit for homebuyers has been extended and expanded to now include homeowners who wish to “move on” after 5 years of living in their current property, as well as first-time homebuyers.
- First-time homebuyers, or those who have not owned in the last three years, can receive up to an $8,000 tax credit
- Homeowners who have lived in a current home consecutively for 5 of the past 8 years can receive up to a $6,500 tax credit
- Income limits are now $125,000 for singles, $225,000 for married couples
For more information, feel free to visit http://bit.ly/5D6mKg and review the 2010 Homebuyer Tax Credit details or check out a whole number of different places that have same information available..