As you probably already know, last week Congress passed an extension and an expansion of the homebuyer's tax credit. Key provisions of the bill are as follows:
1. The new law would extend the existing credit for first-time homebuyers, worth up to $8,000, and offer a new credit of up to $6,500 for some existing homeowners.
2. The reduced credit would be available to all homebuyers who have been in their current residence for a consecutive five-year period in the past eight years.
3. The new rule also raises the qualifying income limits to $125,000 for single taxpayers and $250,000 for joint taxpayers, from the current $75,000 and $150,000.
4. The maximum allowed home purchase would be $800,000.
5. A home buyer must have a sale agreement in hand by April 30 and close by June 30, 2010.
6. Military personnel, deployed overseas for a minimum of 90 days in 2008, or 2009, would have until April 30, 2011 to claim the tax credit.
Click on this link for an article regarding the tax credit.
http://blogs.wsj.com/developments/2009/10/29/qa-the-home-buyer-tax-credit-extension/
This is a great opportunity for those of you who are looking to BUY or if you want to trade up.
* You should to consult with your tax attorney or your accountant for all the details and how they specifically pertain to you. If you need a recommendation for either, please email me at LDM@corcoran.com
Stay tuned for more info from your friends at The LDM Team...
Laura Denise Milkowski “LDM", Christina Prostano and Michael Beam - www.theLDMteam.com
