Sunday, November 8, 2009

Tax Credit Extention

Here is the latest word on the extension of the federal tax credit.

The Homebuyers Tax Credit passed the last hurdle yesterday, as both the House and the Senate have passed the bill and it now awaits President Obama’s signature, expected today or tomorrow. Here are the details:

For first time Homebuyers (those who have not owned a home in the last three years) the tax credit is $4000 for singles with an income cap of $125,000. Couples get $8000 with an income cap of $225,000.

New - Current homeowners (those who have owned a home for five of the last eight years) now can take advantage of a credit! Singles, $3250 with a cap on income of $125,000 and Couples, $6500 with a cap on income of $225,000.

This should be a great help!

REPC must be signed by April 30th and must close by June 30th.

Military persons stationed outside of the US on official duty for 90 days during the period, Jan 1st 2009 and before May 1st 2010 will have eligibility extended for finding contracts signed before May 1st 2011 and closed before July 1st 2011.

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