Hooray!!!!! The $8,000 Homebuyers Federal Tax Credit has been extended and much, much, much more!! President Obama signed the bill that includes extension and expansion of the Homebuyer's Federal Tax Credit on November 7th, 2009.
In this Homebuyer Federal Tax Credit part of the bill, funding will be available for Home purchases up to May 1, 2010. Home Buyers who have ratified/binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction. The Homebuyers Federal Tax Credit remains at $8,000 for first-time Homebuyers and Homebuyers who have not owned a Home in the past 3 years.
In addition their is a new $6,500 tax credit for repeat Homebuyers who purchase between December 1, 2009 and May 1, 2010. Repeat buyers must have lived in their Homes consecutively for five of the previous eight years. Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.
Also, good news for members of the Armed Forces who are called on for overseas extended duty. These members of our military and uniformed services, who are out of the country for at least 90 days, will also be eligible to use the Homebuyer's Federal Tax Credit upon their return through April 30th, 2011. That's April 30th, 2011, not April 30th 2010.
Va Beach Jim
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