Extended Home Tax Credit

Extended First Time Home Buyer Tax Credit

Moses Lake Real Estate Agent Heather Adkinson

Feature Jan 1-November 30 2009 December 1-April 30 2010
First time Home Buyer Amount of Credit $8000.00 ($4000.00 married filing separately $8000.00 ($4000.00 married filing separately
First time Home Buyer Amount of Credit May not have had interest in a principal residence for 3 yrs prior to purchase Same
Current Home owner Amount of Credit No Provision $6500.00 ($3250.00 married filing separately)
Effective Date Current Home Owner No provision Date of Enactment
Current Home Owner Definition for Eligibility No provision Must have used the home sold or being sold as a principal residence consecutively for 5 yrs of the previous 8
Termination of Credit Purchases after November 30 2009 (Becomes April 30 2010 on enactment) Purchases after April 30, 2010
Binding Contract Rule None So long as written and binding contract to purchase is in effect on April 30, 2010 the purchase will have until July 1, 2010 to close
Income Limits $75,000-single, $150,000 married Additional $20,000 phase out $125,000-single $225,000-married Additional $20,000 phase out
Limitation on cost of Purchase Homes None $800,000 enactment date
Purchase by Dependent No provision Ineligible
Anti-fraud rule None Purchaser must attach documentation of purchase to tax return.

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If you are looking to Buy or Sell Real Estate in Grant County I would love to Help!  Call or text me at 509-760-7733

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Posted on November 14, 2009 at 9:39 am
Heather Adkinson | Category: Moses Lake, Real Estate | Tagged

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