The Homebuyer Tax Credit has been extended and expanded. It is extended to April 30, 2010 and adds tax benefits for current homeowners.
Current homeowners may qualify for as much as $6,500 on their joint tax return. They must have used the home sold or being sold as their principal residence consecutively for 5 of the last 8 years.
First-time homebuyers may still qualify for as much as $8,000 tax credit when filing jointly.
If the contract to purchase is in effect by the provisions expiration date, homebuyers will have until July 1, 2010 to complete their transaction.
Eligibility income limits have been increased to $125k for single and $225k for married taxpayers.
An $800,000 limit has been imposed on the cost of the purchased home.
This is a true tax CREDIT and has no repayment provisions as long as the taxpayer lives in the home for 3 years.
The intent here is to STIMULATE the housing market and we are quite confident it will have the desired result. This is real value that will make the choice of buying a home in the near term more compelling.
.....blogging from Kingwood, TX
