Last Friday President Barack Obama signed the “Worker, Homeownership and Business Assistance Act of 2009” into law, extending the first-time homebuyer tax credit as well as certain jobless benefits at a time when the US unemployment rate has officially reached 10.2%.
With the first-time homebuyer tax credit originally scheduled to expire on Dec. 1st, 2009, HR 3548 now allows first-time buyers to claim 10% of the purchase price of their home, up to $8,000 for single or married taxpayers filing jointly, if they close on the purchase by midnight June 30th, 2010. Taxpayers must purchase or be locked into a contract to close before midnight on April 30th, 2010.
There is more good news that accompanies the extension. The credit is allowed for those with incomes up to $125,000 or $225,000 for taxpayers filing jointly. The credit reduces for those with incomes between $125,000 and $145,000 - or $225,000 and $245,000 if filing jointly. Anyone with an income higher than $145,000, $245,000 if filing jointly, cannot not receive credit.
Taxpayers who have lived in their home for five consecutive years out of the last eight years before closing on a new home may qualify for a reduced credit - $6,500 joint filers and $3,250 for those who file jointly. Other restrictions may apply so consult your tax professional.
Chris Farkas
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Good article. We learn a lot from articles on Active Rain blogs. Thanks.