Here are the new key provisions:
- The $8,000 tax credit for first-time buyers has been extended through April 30,
2010.
- Current homeowners are eligible for a $6,500 tax credit, provided you have lived
in the home you are selling as a principal residence for five consecutive years
within the last eight years.
- Income limits for eligible buyers were increased from $75,000 to $125,000 for single
buyers and from $150,000 to $225,000 for married couples.
- Time has been added to allow for closing the home purchase. As long as you have
a binding contract by April 30, you will then have until June 30, 2010, to close
the transaction.
- To qualify, the home must be your primary residence and have a purchase price of
$800,000 or less.
Here’s how it works:
- The amount of your credit will be first credited toward any tax liability for the
year of purchase. Then the remainder will be refunded to you. (For example a first-time
buyer with a $2,000 tax liability would receive a check for $6,000).
- Any single-family residence purchased to be used as a principal residence (including
condos, co-ops) will qualify if it is purchased by April 30, 2010 for $800,000 or
less and closed by June 30, 2010.
- The full amount of the credit is available for individuals with adjusted gross income
of no more than $125,000 or $225,000 on a joint return. Above those incomes, the
amount of the tax credit decreases until the maximum limit is reached – $145,000
for an individual or $245,000 in joint income.
For detailed information about the tax credit, click on,
Extended Home Buyers Tax Credit.
For more information about the new tax credit, please fill out the short form below.
You will be put in touch with a local Weichert Sales Associate who is a Weichert
Tax Credit Expert. He or she can also tell you about our informative homebuyer seminars
and help you get started on your way to homeownership.
