First-time home buyers can take immediate advantage of an $8,000 extended tax credit for homes purchased in 2009 before December 1st. Click Here for More Details
Buyers can take the credit on either their 2008 or 2009 taxes. The tax credit is available to first-time buyers with income under $75,000 for singles or $150,000 for couples. It covers 10% of the purchase price up to a maximum of $8,000. Unlike last year's tax break, it does not need to be repaid if the buyer remains in the home. Consult your Mortgage Broker or Tax Advisor.
Effective 11/6/2009, Congress passed and President Obama signed the house buying tax credit extension. The legislation does more than expand the program; it extends it for Step-Up-buyers.
First-time Homebuyers
The measure will extend the first-time homebuyer tax credit until April 30, 2010. In addition those who have signed a contract before May 1, 2010 will have 60 days to close on the home.
Increase the income limits to $125,000 on a single return and $225,000 on a joint return. Those who purchase in 2010 will be able to claim credit on 2009 return. Defination of first-time buyer remains the same as those who have not owned a home in the last three years. The credit will remain at 10% of purchase price up to a maximum of $8,000.
Step-up-Buyers
Those who have owned the same home for 5 consecutive years of the 8 years prior to the purchase date will be eligible for a tax credit equal to 10% of the purchase price up to a maximum of $6,500.
The $6,500 tax credit will be eligible for purchases of owner-occupied primary residence between December 1, 2009 and May 1, 2010 and will have 60 days to close on the home (one that closes by June 30, 2010, provided a binding sales contract was in force by April 30, 2010)
The income limits for single taxpayers is $125,000 and $225,000 for married taxpayers filing a joint return. Those who purchase in 2010 will be able to claim the credit on 2009 tax return, but this means that the previous year's income limits apply.
If you would like to take advantage of this opportunity, and would like me to help find your new home, call or email me today!!
Email: Liliana@lilianadeangeli.com Phone: 864 244-1010 x-242 or 864 616-5368
