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The homebuyer tax credit has been extended into the year 2010, and it's been enhanced to include more than just first-time home buyers. Here's a summary of the new tax credit: - Eligible buyers must enter into a binding contract by April 30th 2010, and close by June 30th 2010.
- The tax credit for first-time home buyers remains at $8,000. A first-time home buyer is defined as someone who has not owned a home in the last 3 years.
- The tax credit for "long-time" home owners who sell one home and buy another is $6,500. The long-time home owner tax credit applies to buyers who have owned and occupied a home as a principal residence for at least 5 consecutive years during the previous 8 years.
- Modified adjusted gross income (MAGI) limits have been increased to $125,000 for individuals and $225,000 for couples filing jointly.
- The credit phases out on a sliding scale from $125,000 to $145,000 MAGI for individuals, and from $225,000 to $245,000 MAGI for couples filing jointly.
- Qualifying purchases must not exceed $800,000.
For additional details, please see these links from the National Association of Realtors and the IRS:
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This information is provided courtesy of Dan Miller and Shawn Kriewaldt of Keller Williams Realty and DaneCountyMarket.com. For more information, please contact Dan at 608-852-7071 (danielmiller@kw.com) or Shawn at 608-212-5743 (shawnkriewaldt@kw.com). Don't forget: if you're buying or selling, whether your timeline is 3 months or 3 years, we can help.
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