As part of its plan to stimulate the U.S. housing market, Congress extended the Home Buyer Tax Credit to April 30th. 2010, and expanded to include repeat buyers. To qualify, 1st. time and repeat buyers must have a binding written contract by 04/30 and close by 07/01.
The maximum allowable credit for 1st. time home buyers is $8,000.00. The maxiumum for repeat buyers/ long term residents is $6,500.00.This is only for Owner occupied homes no investments properties.
Buyers can apply the credit to their 2009 tax return filed before 04/15 or apply it to their 2010 return.
To qualify as a 1st. time home buyer, the purchaser or his or her spouse may not have owned a residence during the 3 years prior to the purchase. To qualify as a repeat buyer, current home owner must have used the being sold or vacated as a principle residence for 5 consecutive years within the last eight.
The full credit will be available to taxpayers with modified adjusted gross income up to $125,000 and $145,000 or $225,000 and $245,000 for joints filers are eligible for a reduced credit Those with higher incomes do not qualify. (Source Realtor Magazine) If you have any questions feel free to contact me at: findit@LehighValleyRealty.com
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