The extension and expansion of the popular home buyers tax credit gives both new and move-up buyers a tax incentive to buy a home until at least April 30, 2010, longer for military personnel.
The new law extends the existing credit for first-time homebuyers, worth up to $8,000, through April 30, 2010.
A new credit of up to $6,500 is available to qualifying existing homeowners who buy a new primary residence (or have one built) by April 30, 2010, if they owned their existing home for five consecutive years over the last eight years.
Home buyers will have to repay the credit if they live in their primary residence less than 36 months and are not members of the military.
The new rule also raises the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers, from the current $75,000 and $150,000.
The maximum allowed home purchase price is $800,000.
Both first-time home buyers and others must close escrow by June 30, 2010. Remember, it may take 60+ days to close, so don’t procrastinate!
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.
Buyers can claim the credit on their 2009 taxes, even if the purchase is made in 2010 by filing an amended return. Buyers who don’t owe taxes can have the credit refunded to them.
More information is available from the Internal Revenue Service (IRS}, including a question and answer page.
That’s all good news for the housing market. It doesn’t matter if you’re buying in Placerville, El Dorado County, California or any other state.
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