Thursday, October 29, 2009

First Time Home Buyer Tax Credit Extension...?

We may have something here! A senate committee reached a "compromise" yesterday regarding extending the first time home buyer tax credit. Now, it's not law yet, but things are definately looking up! So where would this put us and what compromises are being made? See below for some details.

  • The income limits are being raised to $125,000 for single taxpayers, and $225,000 for joint taxpayers, that's up from $75,000 for single and $125,000 for joint.
  • A $6,500 tax credit has been added for other primary-home purchases, Basically anyone else buying a home that meets the income requirements. - The stipulation here is that you need to have owned your current home for at least 5 years.
  • To qualify buyers need to have executed contracts to purchase in hand by April 30, 2010 - but have an additional 60 days to get the puppy closed. - That's June 30, 2010.
This still faces a vote in the full Senate and the House - so DO NOT consider this a done deal but rather a step in the right direction. Keep checking back to get more updates as we learn them!

Chris Wood
REALTOR
Office: 513-791-2255
One Goal, One Passion!
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