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Home FIRST TIME BUYERS TAX CREDIT INFROMATION p...

FIRST TIME BUYERS TAX CREDIT INFROMATION probably extended

  • The Home Buyer tax credit has apparently been extended, and eligibility expanded to include some move-up buyers. Details:
  • Income eligibility for first-time home buyers stays at $75,000 for individuals, and $150,000 for couples.
  • For move-up buyers, income eligibility is $125,000 for individuals and $250,000 for couples.
  • There is a minimum 5 year residency requirement - in their current home - for move-up home buyers.
  • The tax credit is the lesser of $7,290 or 10% of the purchase price.
  • The credit runs from Dec. 1, 2009 to April 30, 2010, with an additional 60 day period to close escrow. (So end of April to sign contract, end of June to close escrow)
  • Expect bill to be signed by Friday, packaged with the unemployment benefit extension.
    • Posted Tuesday Oct 27