Changes to the Home buyers tax credit-All Realtors should know
In Nov of 2009 the United States Congress passed legislation that extended the Home Buyers tax credit program. Not only did this legislation extend the benefits, it also included some changes. Changes that all Realtors should know.
Attributes Old Plan New Plan
First time home $8,000 $8,000
Current home $6,500 $6,500
FTHB No residence ownership N/A
Eligibility for 3 previous years
Binding contract N/A contract in effect by 4/30/10
Rule must close by 7/1/2010
Income limits $75,000 single $125,000 single
$150,000 married $225,000 married
Purchase price N/A $800,000
*Anti fraud rule N/A documentation must be
Attached to tax return.
- As stated in one of my earlier posts on this subject this rule is new due to the amount of fraudulent applications received by the IRS. This rule has slowed the distribution of the credit to taxpayers dramatically.
If you or family a member are thinking of buying or selling a home, please feel free to contact me for assistance.