Congress has extended and expanded the homebuyer tax credit.
First-time Buyer Credit $8000 ($4000 married filing seperate)
First-time Buyer May not have had an interest in a principal residence for 3 years prior to purchase
Current Homeowner credit $6500
Must have used the home sold as principal residence consecutively for 5 of the previous 8 years
Termination of credit Purchases after April 30, 2010
Binding Contract Rule As long as written binding contnract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close
Income Limits 125,000 Single, $225,000 married Additional $20,000 phase out
Limitation on cost of purchased home $800,000
Anti Fraud Rule Purchaser must attach documentation of purchase to tax return.
Comments(1)