Home Buyer Tax Credit Extended for Charlotte Home Buyers
Great news for 2010 home buyers!! The $8000 first-time home buyer tax credit has been extended through May 1, 2010 and has been expanded to include a tax credit for current home owners.
Home Buyer Tax Credit Expansion and Extension
- The $8,000 tax credit will be extended and available for first-time home buyers through May 1, 2010.
- A new $6,500 tax credit will be available for repeat buyers who purchase between December 1, 2009, and May 1, 2010. To qualify, buyers must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.
- Prospective buyers with binding contracts in place as of April 30, 2010, will be allowed an additional 60 days to complete the transaction.
- Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.
- Limitation on the cost of a purchased home is $800,000.
If you know anyone looking to buy their first home at a time when prices and interest rates are still down, or if you are thinking of buying another home and getting the new $6,500 credit please contact me today.