The extension and expansion of the popular First-Time Home Buyers Tax Credit gives both new and move-up buyers a tax incentive to buy a home until at least April 30, 2010 and longer for military personnel. Below is a summary of the key points of this program. · The new tax credit extends the existing credit for first-time home buyers, worth up to $8,000, and offers a new credit of up to $6,500 for some existing homeowners. · The reduced credit for existing homeowners is available to those who have been in their current residence for a consecutive five-year period. · The new rule also raises the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers, from the current $75,000 and $150,000. · The maximum allowed home purchase price is $800,000. · A home buyer must have a sale agreement in hand by April 30 and close escrow by June 30, 2010. · Military personnel, deployed overseas for a minimum of 90 days in 2008 or 2009, would have until April 30, 2011 to claim the tax credit. To learn more about the Federal Housing Tax Credits for home buyers call us at 800.761.2400 ext. 2460 or visit Federal Housing Tax Credit or First-Time Homebuyer Credit. |
