Further explanation of the first time home buyer credit extension
The extended tax credit provisions are as follows:
• First-time homebuyers will continue at the $8,000 tax credit.
• Tax credit for “move up” purchasers will be up to a $6,500 credit.o Must have used previous home as a principal residence for 5 consecutive years of the previous 8.
• Income limits increased and are the same for first-time and “move up” purchasers: $125,000 for single filers/$225,000 for joint filers.
• Limitation on eligible home prices has been increased to $800,000.
• Time Frame: December 1, 2009 to April 30, 2010 plus 60 day extension if binding contract is in place by April 30, 2010.
• Anti-fraud measures have been added.
Detailed information on the extended tax credit can be found on the National Association of Realtors website at: http://www.realtor.org/ including frequently asked questions, features and important deadlines.
Monday, November 9, 2009
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