Thursday, November 5, 2009

Home Buyer Tax Credit Expanded

This afternoon Congress passed an expanded home buyer tax credit. It has already passed the Senate. Details are starting to come out. Obama could sign into law as early as tomorrow.

The following is expected:
1. $ 8,000 first time homebuyer credit extended through contracts written by 4/30/2010; closing by 6/30/2010
2. $ 6,500 credit for people buying a new home who previously owned a home for 5 years
3. Income limit expanded to $ 125,000 for individual; $ 250,000 for couples
4. Maximum property value of $ 800,000

This is all preliminary, and as always, please check with your tax advisor regarding any of these tax related issues.

Here is an article I just found; very general information.