1ST TIME HOME BUYERS TAX CREDIT EXTENDED
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Printed Date: Apr 29 2024 at 11:28am
Topic: 1ST TIME HOME BUYERS TAX CREDIT EXTENDED
Posted By: Marlayne Skeens
Subject: 1ST TIME HOME BUYERS TAX CREDIT EXTENDED
Date Posted: Nov 05 2009 at 8:56pm
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NAR Issue Brief Homebuyer Tax Credit Changes National Association of REALTORS ® Government Affairs Division500 New Jersey Avenue, NW, Washington DC, 20001 Congress has extended and expanded the homebuyer tax credit. The modifications in the column labeled “December 1 – April 30, 2010” become effective when President Obama signs the bill. All changes made to the current credit become effective on that date, as well. FEATURE Jan 1 – November 30, 2009 Rules as enacted February 2009 December 1 – April 30, 2010 Rules as enacted November 2009 First time Buyer – Amount of Credit $8000 ($4000 married filing separate)First time Buyer – Definition for Eligibility
May not have had an interest in a principal residence for 3 years prior to purchase Current Homeowner – Amount of Credit $6500 ($3250 married filing separate)Current Homeowner – Definition for Eligibility Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years Termination of Credit Purchases after November 30, 2009 (Becomes April 30, 2010 on Date of Enactment.)Purchases after April 30, 2010 Binding Contract Rule So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.Income Limits (Note: Increased income limits are effective as of date of enactment of bill) Effective Date 1-01-09 $75,000 – single $150,000 – married Additional $20,000 phase out Effective Date 12-01-09 through 4-30-2010 $125,000 – single $225,000 – married Additional $20,000 phase out
Limitation on Cost of Purchased Home $800,000 Effective Date of EnactmentPurchase by a Dependent No Provision Ineligible Effective Date of EnactmentAntifraud Rule Purchaser must attach documentation of purchase to tax return ** If I can be of help to you or someone you know, Please give me a call 513-465-6748 THANK YOU ------------- I offer Professional, Ethical Service and a Smile, while Following The Golden Rule ~ Thank You :-) *For ALL Your Real Estate Needs Call Marlayne with Real Living Realty Services @ 513-465-6747 |