Homebuyer Tax Credit Extended and Expanded
Great news for homebuyers! The Homebuyers Tax Credit has been extended into the first half of 2010...and it has been expanded to include benefits for current homeowners!
Who Qualifies? First-time homebuyers may be eligible for the tax credit worth 10% of the purchase price of the home, with a maximum available credit of $8,000.
In addition, the program now gives current homeowners an additional reason to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Eligible Incomes: Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more can receive a partial credit; however, single filers who earn $145,000 and above are ineligible.
Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more can receive a partial credit; however, joint filers who earn $245,000 and above are ineligible.
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
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