Nov
6
Tax Credit Extended - Not Just for 1st Time Home Buyers!
Posted by Karen Shaver under For Buyers, For Sellers, For Realty Professionals, General Information
Hello Everyone,
Below is the latest news on the government’s “Home Buyer’s Tax Credit”. It’s not just for 1st time home buyers anymore and I am very excited to be able to deliver this outstanding news to you on my Blog.
Below you’ll find the article from Realtor.org as well as a recorded message from our NAR (National Association of Realtors) President, Charles McMillan.
Both Houses OK Tax Credit Extension, Expansion
The House today and the Senate yesterday passed legislation to extend the $8,000 home buyer tax credit to May 1, 2010, for first-time buyers and add a $6,500 tax credit for repeat buyers if they’ve lived in their home for five of the past eight years. Home prices are capped at $800,000.
The legislation in both houses was included in a bill to extend unemployment benefits and is expected to be signed by President Obama shortly.
“REALTORS®appreciate the swift action by Congress to extend the home buyer tax credit and expand it to some current homeowners,” says NAR President Charles McMillan. “As the leading advocate of housing and real estate issues, we urge President Obama to sign this legislation into law quickly to keep the momentum going in the fragile recovery of the nation’s housing market.”
Under the bill, income limits are expanded to $125,000 for individuals and $225,000 for joint filers. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.
Households who have binding contracts in place by April 30 will be allowed an additional 60 days to complete their transaction. The deadline for members of the military serving out the U.S. for at least 90 days between Jan. 1, 2009, and May 1, 2010, has been extended one year.
Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a check. Taxpayers will be able to claim the credit on their 2009 income tax return for purchases made in 2010.
Compare the current tax credit with the newly passed version on REALTOR.org.
More on the credit is available from NAR.
Source: The Associated Press (11/5/2009)
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Want to find a home before May 1st 2010? Visit my search site where you’ll find the most up-to-date listings on the market ChesterCountyListings.com. In addition, I’m proud to say this site is secure and free of advertisements. Not looking for a new home yet but would like some real estate information? Visit my website. ChesterCountyHomes.com.
Karen Shaver, REALTOR®
Keller Williams Real Estate
Disclaimer: The use of trade or firm names within this post does not imply endorsement.
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