Comparing present homebuyer tax credit to extended version

Reblogger Margaret Goss
Real Estate Agent with Baird & Warner Real Estate

Here is a great chart that explains the differences between the new housing credit and the original plan.

Original content by Jim Lee New Hampshire & Maine

Below is a chart prepared by the National Association of REALTORS ® comparing the new changes to the Homebuyer Tax Credit.

The biggest change is that current Homeowners are now eligible if they sell their current homes and then buy AFTER the date of enactment of this extension which is November 6th, 2009.

Because of widespread incidents of fraud, purchasers must now attach documentation proving they actually bought a qualifying home to qualify for the credit.

Additinally the income guidelines have been increased, now a single taxpayer can qualify if they earn up to $125,000 and up to $225,000 for married taxpayers.

The rationale for increasing the income limits and expanding the credit to existing homeowner is that it should encourage more higher priced home purchases. Currently the existing tax credit was driving mostly lower end purchases.

 

NAR chart showing comparison of existing homebuyer tax credit to extended and expanded version

 

Jim Lee, CRS, ABR, GRI, ACRE, NAR Certified e-PRO Trainer
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(865) 693-3232, My Personal Toll Free # 1-800-662-2488 ext. 163
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