First Time Home Buyers
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. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
For sales occurring after November 6, 2009, the Act establishes 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.
Move Up/Repeat Home Buyers
The Worker, Homeownership, and Business Assistance Act of 2009 has 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).
If you would like to see more detailed information about the tax credit find all the information on my website at http://www.finehomeslandandsea.com and on the right hand side under "Helpful Links" click on Tax Credit.
Marianne Blackstone Tabner
REALTOR, CBR, GREEN
Mbtabner@kw.com
www.FineHomesLandAndSea.com
www.MBThomeTeam.com
Keller Williams Realty
Cell: 978-621-8028 Fax: 978-759-0588
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