First Time Homebuyer Tax Credit Extended Through April 2010

Not much time left on this.  Originally posted 11/10/2009…

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. In cases where a binding sales contract is signed by April 30, 2010 and the home purchase is completed by June 30, 2010 will qualify.

A major change is the income qualification level. For sales occurring after November 6, 2009 and prior to April 30, 2010, the Act establishes new income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns. The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.

The Worker, Homeownership, and Business Assistance Act of 2009 has also established a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).  The Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns in order to be eligible for the tax credit.

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