Great news for Fort Mill Home Buyers and Sellers. Congress has passed legislation to extend the First-Time Home Buyer Tax Credit. But the bill added incentives to current home owners. Here are the details of the extended home buyer tax credit signed by the President November 6,2009.
The new bill:
* Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
* Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is Tom Kunz, President and CEO, Century 21 Real Estate with more information on the Extended 2009 – 2010 home buyers tax credit.
More information on the the extended home buyers tax credit:
First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010 and current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight qualify for the credit.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
The maximum allowable credit for first-time home buyers is $8,000. The maximum allowable credit for current homeowners is $6,500.
Each home buyer’s tax credit is determined by tw0 additional factors:
1. The price of the home.
2. The buyer’s income.
Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.
Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.
Some buyers may still be eligible for the credit if their income is over the limits. The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
Under the Extended Home Buyer Tax Credit, as long as a written contract to purchase a home is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close. The extended 2009 home buyers tax credit info is from National Association of REALTORS®.
Click for more information about the The Worker, Homeownership, and Business Assistance Act of 2009.
Call Carmen for more details.Carmen S Miller Century 21® First Choice Fort Mill, SC 803.322.3479 firstname.lastname@example.org