First-time Home Buyer Tax Credit Extended To Become: The Worker, Homeownership and Business Assistance Act of 2009

 As you may have heard, the extension on the first time home buyers tax credit was signed into law on November 6th, 2009. A few points:

•   The bill extends the $8,000 first-time home buyers' tax credit that was set to expire at the end of November. The credit will apply to all house contracts entered into before April 30, 2010 and closed by June 30, 2010.

• It also creates a NEW $6,500 credit for existing property owners looking to sell their home and buy another during the same period of time. This is available to those who have been in their current residence for a consecutive five-year period.

• The new rule also raises the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers, from the current $75,000 and $150,000. 

• The maximum allowed home purchase price is $800,000. Military personnel, deployed overseas for a minimum of 90 days in 2008 or 2009, would have until April 30, 2011 to claim the tax credit.
  
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