Tax Credit Bill Signed, Sealed and Delivered
Tax Credit Bill Signed, Sealed and Delivered
On Friday, November 6, 2009, President Obama signed a bill which will extend the
$8000 tax credit for *qualifying first-time home buyers through June 2010.
First time home buyers will receive the $8,000 Federal tax credit if they:
1. Sign a
contract by April 30, 2010
2. Close on the home by June 30, 2010.
The
new bill will also provide a $6,500 credit for current homeowners who purchase
a new primary residence, and have lived in their current home for at
least five of the previous 8 years.
*The bill has a few provisions including:
- Single tax filers who earn up to $125,000 are eligible for the
total credit amount. Those who earn more than this cap can receive a
partial credit. However, single filers who earn $145,000 and above are
ineligible.
- Joint tax filers who earn up to $225,000 are eligible for the total
credit amount. Those who earn more than this cap can receive a partial
credit. However, joint filers who earn $245,000 and above are
ineligible.
Click here for the First Time Home Buyer Tax Credit Form.
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