Raleigh/Durham/Cary & Triangle Area Homebuyers Will Benefit from Changes to Homebuyer Tax Credit
You have probably heard by now that Congress has approved an extension and expansion of the Home Buyer Tax Credit. All that's left is for President Obama to sign the bill and enact it into law; we expect that to happen very soon. Homebuyers in the Raleigh/ Durham/Cary and Triangle areas who were not able to take advantage of the original tax credit have reason to be excited at this opportunity.
We have been monitoring the progress of this legislation and are pleased with the extension and expansion. Significant changes in the tax credit include:
1) Extending the $8,000 credit for first-time home buyers for sales contracts entered into by April 30, 2010 and closed by June 30,
2) expanding the credit to include a new $6,500 credit for owners of existing homes who are purchasing a new primary residence. An existing home owner can claim the $6,500 tax credit if they have been residing in their primary residence for five consecutive years out of the last eight, and
3) increasing income eligibility limits to claim the full credit amount for both groups of home buyers have been raised from $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return to $125,000 for individuals and $225,000 for married couples.
Many of our home buying clients who were frustrated by eligibility requirements in the first two versions of the homebuyer tax credit will be pleased to hear that they too can now benefit from this historic housing opportunity!
ANSWERS TO FREQUENTLY ASKED QUESTIONS ABOUT CHANGES TO THE HOMEBUYER TAX CREDIT
National Association of Realtors Charts Homebuyer Tax Credit Modifications
Comments(0)