2010 Home Buyer Tax Credit is Ready for President’s Signature

Posted on November 6, 2009. Filed under: National | Tags: , , |

The home buyer tax credit has been passed by both houses of congress. The bill moves to the President’s desk for a final approval.

In 2009, first-time home buyers were eligible for tax credits of up to $8,000. This will now be extended through April 30, 2010 for first-time home buyers, defined by anyone who has not owned a home for the last three years.

The new program will expand the credit to include existing home owners! Under the revised program, those who have lived in their home for at least five years will be able to apply for tax credits of up to $6,500 when they purchase their next home. To qualify, buyers will have to sign a purchase agreement by April 30, 2010 and close within 60 days.

The maximum purchase price on a home will be $800,000 with vacation homes not eligible. Income limitations are $125,000 for single tax payers and $225,000 for joint filers.

The tax credit is also set to be extended for another year for military personnel serving outside of the United States until June 30, 2011.


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