Udate on First Time Home Buyer Extension & Move Up Buyers
November 2, 2009
Tax Credit Proposal Is Improved & Getting Closer
There apparently is an agreement on the detailsof an expanded and extended credit. No vote has occurred yet. The issue is now caught up in Senate procedural matters. However, there is optimism that it will be resolved this week. The provision would still have to be passed by the House.
Below are the details of the new tax credit program.
- First-time homebuyers will continue at $8,000 -- same definition as current law.
- Tax credit for “move up” purchasers will be up to $6500
- Must have used previous home as a principal residence for 5 of the 8 previous years.
- Income limits increased and are the same for first-time and “move up” purchasers : $125,000 for single filers/$225,000 for joint filers
- Limitation on eligible home prices has been increased to $800,000
- Time Frame: December 1, 2009 to April 30, 2010 plus 60 day extension if binding contract is in placeby April 30, 2010
- Anti-fraud measures have been added
Tax Credit Proposal Is Improved & Getting Closer
There apparently is an agreement on the details of an expanded and extended credit.? No vote has occurred yet.? The issue is now caught up in Senate procedural matters.? However, there is optimism that it will be resolved this week. ?The provision would still have to be passed by the House.?
Below are the details of the new tax credit program.
First-time homebuyers will continue at $8,000 ?-- same definition as current law.
Tax credit for "move up" purchasers will be up to $6500
Must have used previous home as a principal residence for 5 of the 8 previous years.
Income limits increased and are the same for first-time and "move up" purchasers : $125,000 for single /$225,000 for joint filers
Limitation on eligible home prices has been increased to $800,000
Time Frame:? ? December 1, 2009 to April 30, 2010 plus 60 day extension if binding contract is in place by April 30, 2010
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