I’ve mentioned this before, but I want to make sure that anyone interested is aware in time to take advantage of this great opportunity.
Basically, as part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that…
- Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
- Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
So here are the basics on how this Extended Home Buyer Tax Credit can help you become part of the American dream:
- To qualify as a first-time buyer you must not have owned a home during the past 3 years (this includes your spouse as well). To qualify as a current homeowner you must have lived in your home for 5 consecutive years within the last 8 years.
- The price of the home cannot exceed $800,000.
- As a single buyer your income cannot be over $125,000, and as a married couple your income cannot be over $225,000.
- As long as a written binding contract is in effect on April 30, 2010, you will have until July 1, 2010 to close.
- You don’t have to repay the tax credit as long as you live in the home for 3 or more years.
If you have additional questions feel free to contact me, or visit the IRS website at the following link: