This is a great analysis on the new tax credit legislation. Everyone who is iterested in buying or selling in the near future needs to understand these dates and guidelines.
Via
Jim Lee, Knoxville Tennessee Realtor® (Realty Executives Associates):
Below is a chart prepared by the National Association of REALTORS ® comparing the new changes to the Homebuyer Tax Credit.
The biggest change is that current Homeowners are now eligible if they sell their current homes and then buy AFTER the date of enactment of this extension which is November 6th, 2009.
Because of widespread incidents of fraud, purchasers must now attach documentation proving they actually bought a qualifying home to qualify for the credit.
Additinally the income guidelines have been increased, now a single taxpayer can qualify if they earn up to $125,000 and up to $225,000 for married taxpayers.
The rationale for increasing the income limits and expanding the credit to existing homeowner is that it should encourage more higher priced home purchases. Currently the existing tax credit was driving mostly lower end purchases.
Jim Lee, CRS, ABR, GRI, ACRE, NAR Certified e-PRO Trainer
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Realty Executives Associates, Knoxville, Tennessee
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Do you think anyone (besides other realtors) can read anything from the NAR and make sense out of it? Maybe you should find a simple chart.