For all those 1st time homebuyers who had trouble finding "the one" in time for the tax credit, you now have a few more months to contact me and we'll ensure you get a great deal and a quick return from Uncle Sam.
Congress has extended and expanded the homebuyer tax credit. It has passed by both the House & Senate and will be signed off by President Obama in the next few days. The modifications will become effective when President Obama signs the bill. All changes made to the current credit become effective on that date, as well.
December 1 - April 30, 2010 Rules
$8000 ($4000 married filing separate)
First time Buyer - Definition for Eligibility
May not have had an interest in a principal residence for 3 years prior to purchase
Current Homeowner - Amount of Credit $6500 ($3250 married filing separate)
Effective Date - Current Owner
Date of Enactment
Current Homeowner - Definition for Eligibility
No Provision Must have used the home sold or being sold as a principal residence
consecutively for 5 of the previous 8 years
Termination of Credit
Purchases after April 30, 2010 Binding Contract Rule None So long as a written binding contract 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 Effective Date of Enactment
Purchase by a Dependent
No Provision Ineligible
Effective Date of Enactment
Antifraud Rule
Purchaser must attach documentation of purchase to tax return
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Hi Michael, good news and thanks for sharing