First-time Home Buyers - The Worker, Homeownership and Business Assistance Act has extended the first time home buyer tax credit (up to $8,000) for qualified buyers who may be purchasing a principal residence.
The tax credit applies to sales occurring from January 1, 2009 to April 30, 2010. If a binding sales contract is signed by April 30, 2010 and the home purchase is completed by June 30, 2010, it will still qualify.
If the sale occurs after November 6, 2009, the Act establishes an income limit of $125,000 for a single taxpayer and $225,000 for a married couple filing joint returns.
Income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.
Non First-Time Home Buyers - The Worker, Homeownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified repeat (move-up) home buyers. If you are an existing home owner and you are purchasing a principal residence home between November 6, 2009 and April 30, 2010 (or if sale is complete by June 30, 2010 with binding sales contract signed by April 30, 2010).
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