Chad Kamp - Gilbert Homes, Mesa Homes, Chandler Homes, Tempe Homes, Queen Creek Homes, Apache Junction Homes. Arizona Homes,

Home Buyer Credit officially Extended into 2010

The President has signed the bill that will extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010 which was originally set to expire on November 30, 2009.
This bill extends the credit of up to $8,000 through June 30, 2010, as welll as opens up the possibility of qualifying for a $6,500 incentive for those who have owned and lived in their residence for five consecutive years of the past eight.

There is a deadline to qualify. All contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010. There are also higher income caps in effecct as single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible.

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. But if you are a joint filer and you earn over $245,000 you are ineligible.

The maximum purchase price is $8,000.No. However, the spouse may be eligible for the repeat buyer credit. The best path to take in any situation regarding income taxes is to speak with a professional tax preparer or CPA.

There are other qualifyig factors which you can review with your accountant. If you do not have an accountant might I suggest visiting www.CoannahFinancial.org.

If you feel you are read to take purchase your next home feel free to give me a call.

I look forward to "serving you".

Posted By - Chad - 11/06/2009

Be the first to comment on this entry.

Leave a Comment
Name
Email

View By Category
First Time Homebuyer (5)
Short Sales (3)
ARRA (1)
Tried and True Real Estate Partners (1)
Market Conditions (1)

view all