
married couples and the tax credit is not limited to firsttime homebuyers. A cap on the price of an eligible home will become $800,000. where there previously wasn't any. Following is an outline of these changes as published by the NAR.
Firsttime Buyer –
Amount of Credit $8000 ($4000 married filing separate)
Firsttime Buyer Definition for eligibility: may not have had an interest in a principal residence for 3 years prior to purchase
Current Homeowner –
Amount of Credit $6500 ($3250 married filing separate)
Definition of eligibility - Must have used the home sold or being sold as a principal residence
consecutively for 5 of the previous 8 years
Termination of Credit - Purchases after April 30, 2010
So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Income Limits -
(Note: Increased income limits are effective as of date of enactment of bill)
$125,000 – single $225,000 – married
Additional $20,000 phase out
Limitation on Cost of purchased home
$800,000 effective date of enactment
Purchase by a Dependent is ineligible effective the date of enactment.
Antifraud Rule - Purchaser must attach documentation of purchase to tax return.
If you have questions regarding the newly expanded Homebuyer Tax Credit please call or email me directly. George Sinacori 561-306-6736 - rebuygeorge@yahoo.com
The photo above is a 3BR 21/2 bath 2 car garage home in NW Deerfield Beach, FL and is priced in the low $200,000. See this and more great home listings at http://ges-realty.com
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