Up to $8000 Tax Credit Extended, PLUS...$6500 For Current Home Owners! Samantha M. Taylor, Realtor Here are the major points of the policy extension/change: 1. How Much Is Available The maximum allowable credit for first-time home buyers is $8,000. The maximum allowable credit for current homeowners is $6,500. 2. Home Purchase Price Limits Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less. 3. Who Is Eligle Current homeowners qualify if they have lived in their current homes for 5 consecutive years during the last 8 years. You don't have to have been in the same home, as long as you have been the owner occupant of a home for 5 consecutive years. First time homebuyers qualify as long as they have not owned a home or any real property in the last 3 years. 4. Buyer Income
Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit. These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. 4. Repayment of Tax Credit No monies need to be re-paid as long as he/she occupies the home for three years or more. If the property is sold during this 3 year period, the full amount of the credit will be recouped at the sale of the home. |