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First time home buyer tax credit is extended. More tax credits for the current and future homeowner.
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Good news for home buyers. The popular first time home buyer tax credit that was set to expire end of November 2009 may be extended through end of June 2010. The Senate agrees to extend and it should go to vote soon. There may or may not be amendments to the provisions of the program.
Even better, it isn't just first time buyers who may have reason to celebrate. A new tax credit was introduced to aid repeat buyers. We are hoping that their definition of repeat buyers will include both moving-up as well as down-sizing property owners as there are folks like empty nesters who may be looking to simplify their lives.
Although the complete details aren't available yet, here are the key provisions:
First time home buyer tax credit
- Buyers must be in contract by April 30, 2010
- Buyers have 60 days from that day to close escrow to qualify for the tax credit
- Tax credit is $8,000 or UP TO 10% of purchase price
Repeat buyers
- Defined as homeowners who have lived in their residence for five years
- Tax credit is $6,500
Qualifying income levels for the home buyers were increased
- Individuals earning up to $125,000, up from $75,000 for individuals under the current law
- Couples earning up to $250,000, up from $150,000 under the current law''
More tax credits
Incidentally, there are other tax credits to help the current and new home buyer, such as the federal tax credits for energy efficiency. Time to replace that old furnace? Want to get double pane windows? Need to get better insulation? Want to replace that leaky roof? Old water heater on its last legs? There's an energy-efficient solution to meet your requirements.
Also look at rebates for ENERGY (Energy Efficiency & Renewable Energy) STAR appliances that may apply to central air conditions, washers, dishwashers, freezers, refrigerators, and more.
More on this as things develop. In the meantime, look for updates on the following sites:
Have fun shopping!
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