Buyer’s Delight – Tax Credit Additions | Extensions

If you were buying a home and rushing to close by Nov. 30th, you can now breathe a sigh of relief.  Let’s go over what’s happened and the rationale.

• First Time Home buyer tax credit of $8,000 extended to April 30th, 2010 – NEW WRINKLES
  • If you are under contract by the 30th, you can still get the credit if you close 60 days from then.
  • Active Military are exempt from paying back the credit
  • Deployed Military that have been deployed for more than 90 days will now have until April 30th, 2011!!
  • Income Limits for Single Individuals is up to $125,000 per year and $250,000 for married.
  • Anti-Fraud rule require proof of purchase – (can you believe they didn’t check before!)

THIS IS THE FINAL EXTENSION OF THE TAX CREDIT – “Tax credits such as this only work by creating the sense of urgency to take advantage of them, bringing people back to the marketplace.  So this is a unique opportunity because this is the final extension of this tax credit. Congress will not continue this tax credit past April 30, 2010.”

NEW MOVE UP BUYER CREDIT!

• $6,500 Tax Credit for move up buyers as long as they have lived in their home for 5 years.
• All other rules apply

Interesting Omissions

• MoveUp buyers only need to “claim” their home as their primary residence for the past 5 years.  I can see some potential abuses.

Tagged as: Buyer, buyers, extension, FAQ, first time home buyer, For Buyers, Home Buyer, LinkedIn, military, Tax Bill, tax credit, tax credit checklist, taxes