Homebuyers Tax Credit Extended and Expanded!
November 19th, 2009 Categories: Home Sellers, Homebuyer, silver spring real estate
The U.S. government recently extended and expanded the homebuyer tax credit. The $8,000 first-time homebuyer tax credit that was scheduled to expire December 1, 2009, will continue in effect until April 30, 2010.
In addition, beginning December 1, 2009, many current homeowners will qualify for a $6,500 tax credit if they’ve lived in their current home for a least 5 years and are seeking to relocate. Plus, the income limits for single buyers and married couples were also raised.
There has never been a better time for you or someone you know to take advantage of this tax credit because hundreds of homes are now priced below market value. Also, because this program is a tax credit – it does not have to be repaid.
For a detailed comparison of the 2009 tax credit versus the extension, click here.
For FAQ on the tax credit changes, click here.
I don’t see the effective date for the 8000K credit for new income limits in the bill. I feel It would depend on how the tax form is set up for claiming the 8K credit. if it has home purhased on or after 11/6/09 clause only then will it not be retroactive else I think if it is a pure replacement of previous income limits the credit may still be in play,…