Update – Homebuyer Tax Credit

It looks like it’s official!  The homebuyer tax credit has been extended to April 30, 2010.  The $8,000 tax credit is available to all first time homebuyers (meaning the purchaser has not owned a home in the past three years) who make up to $75,000 for a single person or $150,000 for a married couple.

The new, big change to this legislation is the addition of the tax credit to homeowners.  Up to $6,500 will be given in the form of a tax credit to all homeowners who have occupied their primary residence 5 consecutive years in the past 8 years.  The income limits are $125,000 for a single person and $225,000 for a married couple.  This means that homeowners can now sell their homes and purchase a new home, while also receiving the advantage of the tax credit.  There is a ceiling on the amount a home can sell for . . . $800,000.  Any sales above this ceiling will not qualify.  The new home being purchased can also have a lower value than the home sold.

For more information, please contact our agents by following this link.

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