Tax Credit Extension Summary
The senate and the house voted overwhelmingly yesterday to pass legislation to extend and expand the home buyer tax credit. President Obama is expexted to possibly sign it as early as today.
1. The $8,000 tax credit for first time home buyers will be extended through 4/30/2010.
2. Now repeat buyers who owned their present home 5 out of 8 previous years now qualify for a $6500 tax credit as long as they pruchase between 12/01/2009 and 4/30/2010. The legislation limits eligibility to homes worth up to $800,000.
3. As long as buyers have a binding contract by the end of April, they will have an additional 60 days to close the transaction.
4. Income limits will be expanded to $125,000 for a single person, $225,000 for couples filing jointly.
5. This legislation will take effect December 1, 2009 and is not retroactive, and both credits are only available for primary residences.
Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, Florida
Toll Free: 800-243-4087
Direct: 352-291-1276
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November 20th, 2009 at 4:06 pm
[...] prices are approximately 15% down from a year ago. With interest rates still at an all time low and the approval of the extended and new tax credit we expect to see inventory continue to move at these [...]
January 11th, 2010 at 2:03 pm
[...] have less than 4 months to take advantage of the new and expanded Federal Tax Credit. The deadline to have a home under contract is April 30, 2010, the closing date cannot be any later [...]