Tax Credit Extended – and Expanded to Include Current Homeowners

November 9, 2009

interesting home in tucson Well, Friday it became official.  Remember that $8000 tax credit I kept talking about where you had to be a first time buyer and close before the end of November 2009?  It’s been extended – and expanded.

If you’re a first time buyer, you don’t have to rush to close before the end of November any more to get your $8000 tax credit.  Now, you have to be in a written binding purchase contract by April 30, 2010, and have to close before July 1, 2010.

Additionally, income limits have been raised for the program: to $125,000 if you’re single and $225,000 if you’re married.

The additional big news is that if you already own a home, you can get up to $6500 as a tax credit incentive to purchase.  They define home owner as someone who has used a home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.

Whether you’re a first time buyer or an existing home owner, there are now limits on the home price.  You can buy up to $800,000 and still get the credit.

There are a couple other smaller details as well – the National Association of REALTORs put out a helpful little chart to help you figure out if you qualify for the tax credit.  They also have some questions an answers here, to help clarify the rules. 

Posted by Kelley Koehler | Filed Under buy-tucson-real-estate | Leave a Comment 

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