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Homebuyer Tax Credit — Revised November 2009

January 7, 2010

Note: I highly recommend you discuss this with a qualified tax professional BEFORE entering into a listing, sales, or purchase agreement,

Here’s the basics:

Tax Credit Updatehttp://backyardwealth.files.wordpress.com/2009/10/8000_tax_credit.jpg

The Extended and Expanded Tax Credit agreement includes the following provisions:

Amount:  $8,000
Who:  First -time homebuyers-same definition as current law

Amount:  $6500
Who:  Repeat purchasers.  Must have used previous home as a principal residence for 5 of the 8 previous years.
Income Limits:  $125,000 for single filers/$225,000 for joint filers.  Same for both first-time and repeat/move up buyers.

Limitation on cost purchased home:  $800,000

Time Frame:  November 6, 2009 to April 30, 2010 (As reported by the Federal Housing Tax Credit Website)

Click here for more information and updates.

For a simplified pdf chart click here.

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