It is official the Home Buyer Tax Credit has been extended! Not only has it been extended, but it has also has been re-written to include current home owners who have owned a home for 5 of the past 8 years ! If ever there was a time to buy a new home, its now! Here is a short summary of the changes (or in reality the "upgrades") for the tax credit that was signed November 6, 2009.
Summary of the "upgrades":
à The expiration date for the credit will now be April 30, 2010.
à First-time buyers who have not had interest in a principal residence for three years are still eligible, and the maximum amount remains the same $8,000 for married couples, $4,000 for those filing separately. (That's still less than 6 months away!)
à Current homeowners, who have consecutively maintained the home they want to sell as their primary residence for five of the last eight years, are also eligible. However, the maximum amount for those homeowners is lower: $6,500 for married couples and $3,200 for those filing separately. (This is the best upgrade of them all! Now a much larger population will be able to take advantage of this amazing opportunity. Who couldn’t use an extra $6,500)
à The tax credit may not used to purchase a home for more than $800,000. All buyers who want to get the credit must include documentation of the purchase on their tax returns.
à The income limits for both tax credits have been raised to $125,000 for single buyers and $225,000 for married couples.
The National Association of Realtors has posted a very thorough and informative article on the Home Buyer Tax Credit. To read about it Click Here!
Click Here To View a Video On The New Tax Credit!
Park Avenue Properties Tanya Stevenson-Becht & Sandy Daniels office@parkavehomes.net
