If the low interest rates weren't enough to convince you to buy a home now, there's yet another reason to go house shopping. The Senate voted to extend and expand the first-time home buyer tax credit that was originally going to expire at the end of November 2009. It now also includes tax breaks for those who already are home owners.
The $8000 tax credit was originally for first-time home buyers, and it started in January as part of the government's economic stimulus package. Now, with the expansion of the tax credit, if you've owned your current house for at least five years, you can still qualify for tax credits of up to $6500. This has been extended till April 30, 2010. Home buyers in both groups must sign a sales contract by April 30 and close by June 30,2010 to qualify for the tax credit.
The tax credit will not apply to individuals with annual incomes over $125,000 or for joint tax filers with incomes over $225,000. In addition, those in the military serving abroad for at least 90 days can take advantage of the tax credit
The $8000 tax credit was originally for first-time home buyers, and it started in January as part of the government's economic stimulus package. Now, with the expansion of the tax credit, if you've owned your current house for at least five years, you can still qualify for tax credits of up to $6500. This has been extended till April 30, 2010. Home buyers in both groups must sign a sales contract by April 30 and close by June 30,2010 to qualify for the tax credit.
The tax credit will not apply to individuals with annual incomes over $125,000 or for joint tax filers with incomes over $225,000. In addition, those in the military serving abroad for at least 90 days can take advantage of the tax credit
Comments
That is great news, i know a lot of younger couples who are looking to buy, but haven’t been able to yet.