The House of Representatives voted today to extend the home buyers tax credit, expanding it to include existing homeowners who have lived in their current residence for five a minimum of five years.
The tax credit is extended until April 30, 2010 with an extension of 60 days if a binding contract is in place prior to that date.
The $8000 remains in effect for first-time buyers, with existing homeowners receiving $6,500. Income limits are also raised from $7,500 to $125,000 for single tax filers, and from $150,000 to $225,000 for joint filers.
In addition, taxpayers who complete a purchase in 2010 can claim the credit on their 2009 tax returns and home buyers do not have to repay the credit if they remain in their homes for 36 months.
Now is definitely the time to buy.
Hi Jane,
Evidently the president signed it today. This is good news for our industry, I know the $8,000 tax credit has been had an impact on my business. I’m disappointed it wasn’t extended for a whole year, but by the time the extension expires it will be summer anyway, and hopefully business will be picking up on it’s own.
Nice looking website, lots of information for your lucky clients!
Appreciate your comment Rich. Hopefully we are seeing the beginnings of a turn around. We certainly are in some Los Angeles areas.