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Windermere Real Estate/West Sound, Inc.
Wayne Paulson | Poulsbo: 360-598-5291 | Port Ludlow: 360-437-9508 | Bainbridge Island: 206-780-1500 | wpaulson@windermere.com
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Homebuyer Tax Credit Extended and Expanded
Posted on November 12, 2009
Congress has passed, and President Obama has signed, an extension and expansion of the homebuyer tax credit.
Below is a summary of the new modifications in the extension and expansion of the tax credit:
1) The $8,000 tax credit will be extended and available for first-time purchases before May 1, 2010.
2) A new $6,500 tax credit will be available for repeat buyers who purchase between December 1, 2009, and May 1, 2010. To qualify for this provision, buyers must have used their current home as a principal residence consecutively for 5 of the previous 8 years.
3) Prospective purchasers with binding contracts in place as of April 30, 2010, will be allowed an additional 60 days to complete the transaction.
4) Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.
For a complete summary of changes to the tax credit visit:
NAR Issue Brief - Homebuyer Tax Credit
NAR Issue Brief - Homebuyer Tax Credit
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