Recap of First time home buyer and Current Home Owner Purchase Tax Credit!

Here's a good recap of the hopefully to be exteneded NEW Homebuyer and Current Home Owner Purchaser tax credit (The President still has to sign this). The homebuyer credit has been voted by congress to be extended, beginning December 1, 2009 and expiring on April 30, 2010. The details are the following: (1) First-Time Buyers a. $8,000 tax credit ($4,000 for married couples filing separate) b. Must not have owned a property in the last three years c. Expiration of credit = April 30, 2010 d. Binding Contract Rule = Contract executed by April 30, but can close as late as July 1, 2010 e. Income Limits = $125,000 (single) and $225,000 (married couples) with $20K phase out f. Purchase Price Limit = $800,000 (2) Subsequent Purchaser a. $6,500 tax credit ($3,250 for married couples filing separate) b. Must not have owned a property in the last three years c. Expiration of credit = April 30, 2010 d. Binding Contract Rule = Contract executed by April 30, but can close as late as July 1, 2010 e. Income Limits = $125,000 (single) and $225,000 (married couples) with $20K phase out f. Purchase Price Limit = $800,000 For a detailed breakdown of the current tax credit and the new, access the following link: http://www.realtor.org/fedistrk.nsf/files/government_affairs_tax_credit_ext_chart_110409.pdf/$FILE/government_affairs_tax_credit_ext_chart_110409.pdf To stay current with updates to this topic please click on the "Subscribe" button below.

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