Late last week, the U.S. Senate unanimously passed an extension and expansion of the homebuyer tax credit. The House of Representatives approved the agreement reached in the Senate by a vote of 403-12.
You can check out more details here – Home Buyer Tax Credit
Below
is a summary of the new modifications in the extension and expa nsion of the tax
credit:
1) The $8,000 tax credit will be extended and available for first-time purchases before May 1, 2010.
2) A
new $6,500 tax credit will be available for repeat buyers who purchase between
December 1, 2009, and May 1, 2010. To qualify for this provision, buyers must
have used the home sold or being sold as a principal residence consecutively
for 5 of the previous 8 years.
3) Prospective
purchasers with binding contracts in place as of April 30, 2010, will be
allowed an additional 60 days to complete the transaction.
4) Income limits are
expanded to $125,000 on a single return and $225,000 on a joint return.
If you know anyone looking to buy their first home at a time when prices and interest rates are still down, or if you are thinking of buying another home and getting the new $6,500 credit please contact me today.
Here is another great article-
4
tips for the homebuyer tax credit.
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