The new and improved home buyer tax credit is official and took effect Nov 9, 2009. The extended and expanded legislation extended the first-time buyer tax credit through May 1, 2010 and includes a tax credit to repeat home buyers.
Home Buyer Tax Credit Expansion and Extension
- The $8,000 tax credit will be extended and available for first-time home buyers through May 1, 2010.
- A new $6,500 tax credit will be available for repeat buyers who purchase between December 1, 2009, and May 1, 2010. To qualify, buyers must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.
- Prospective buyers with binding contracts in place as of April 30, 2010, will be allowed an additional 60 days to complete the transaction.
- Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.
- Limitation on the cost of a purchased home is $800,000.
If you know anyone looking to buy their first Dallas home at a time when prices and interest rates are still down, or if you are thinking of buying another Dallas home and getting the new $6,500 credit please contact me today.
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This entry was posted on Friday, November 13th, 2009 at 12:30 am and is filed under Home Buyer, Home Seller, Money Matters, Taxes. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.