Earlier today, President Obama signed the Unemployment Insurance Bill, which contains the Homebuyer Tax Credit extension and expansion.
The bill extends the present $8,000 tax credit for first-time home buyers through April 30, 2010. Current homeowners are now eligible for a $6,500 tax credit through April 30, provided they have lived in the home they are selling, or have sold, as principal residence for five consecutive years in the past eight years. If potential home buyers have a binding contract on or before that date, they will have until July 1 to close the transaction.
Income limits for eligible home buyers are expanded to $125,000 for single buyers and $225,000 for couples. The purchase price of the home cannot exceed $800,000. To help guard against fraud, buyers are required to attach documentation of purchase to their tax return.
Click Here to view detailed chart explaining the above modifications to the tax credit. You may also view FAQs by clicking here.
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