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Details on the $8,000 First time homebuyer Tax extended and expanded
Lately the news about the extension of the $8,000 First Time Homebuyer Tax Credit and it's expanded reach to all home buyers is getting a lot of attention and questions.  President Obama has approved the Housing Tax Credit Expansion and Extension. I've gotten a few questions about it over the last few days so thought I'd set out the details of the bill.
$8,000 First-Time Homebuyer Tax Credit Extension Under the American Recovery and Reinvestment Act of 2009, qualified first-time homebuyers may receive a tax credit up to $8,000. President Obama’s bill extends this program into 2010.
• Eligible for homes with purchase agreements signed by April 30, 2010, and closed by June 30, 2010
• Available to first-time homebuyers who have not owned a home during the past three years
• Credit amount up to 10% of the home’s value, not to exceed $8,000
• Buyers qualified for full tax credit are single taxpayers with incomes up to $125,000 and joint filers with incomes up to $225,000
$6,500 Tax Credit For Current Home Owners President Obama’s new bill also provides up to $6,500 tax credit to current home owners who purchase a new primary residence.  Eligible for homes with purchase ... more

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