Home > Real Estate News > New homebuyer tax credit helps Roanoke home buyers

New homebuyer tax credit helps Roanoke home buyers

December 3rd, 2009 The Wilson Team

The Unemployment Insurance bill including the homebuyer tax credit extension and expansion has passed the House by a vote of 403-12 after passing the Senate last night 98-0. President Obama signed off on this bill this afternoon. Right click this link and select “Save target as…” to download a chart explaining the difference between this credit and the one that expired on November 30.

The bill extends the present $8,000 tax credit for first-time home buyers through April 30, 2010. Current homeowners are eligible for a $6,500 tax credit through April 30, provided they have lived in the home they are selling, or have sold, as principal residence for five consecutive years in the past eight years. If potential home buyers have a binding contract on or before April 30, they will have until July 1 to close the transaction.

Income limits for eligible home buyers are expanded to $125,000 for single buyers and $225,000 for couples. The purchase price of the home cannot exceed $800,000. To help guard against fraud, buyers are required to attach documentation of purchase to their tax return.more…

Comments are closed.