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November 5th, 2009
House Passes Extension of Tax Credit for Home Buyers
According to the California Association Of Realtors the Senate has voted 403 to 12 to extend and expand the Home Buyer Tax Credit
Great news was just released out of the senate! With a 403 to 12 vote the US House of Representatives has voted to extend the home buyer tax credit. With this vote they also approved expanding the parameters to include existing homeowners and not just first time home buyers.
As the the credit stands now, it will be extended through April 30, 2010, with a possible 60-day extension.
The bill is currently written to offer first time home buyers a tax credit of up to $8,000, while also offering existing homeowners a reduced credit of up to $6,500. In order to qualify for the $6,500 tax credit, existing homeowners must have lived in their current residences for at least five years. Additionally, the bill increases the qualifying income limits from $75,000 for a single tax payer to $125,000 and for tax payers filing jointly the income limit has been increased to $225,000. The purchase price of the home can not exceed $800,000
There were some additional provisions of the bill, that allow tax payers to claim credit on purchases completed in 2010 on their 2009 income tax returns. In the event that the tax payer stays in the home for 36 month after the purchase they will not have to repay the credit.
For an interesting side by side comparison of the changes click here.
If you have been thinking about buying a home, now is a great time to take advantage of the low interest rates, low prices and now the extended tax credit. For more information about buying or selling your home, call or email us, we are happy to help!
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