ONLY 45DAYS LEFT! (COUNTDOWN CONTINUES) FOR AN APRIL 30, 2010 CUTOFF DATE ON THIS CREDIT!~!! two of the most important details, beyond the extension. Single tax filers are qualified up to $125,000 income and $225,000 for Joint filers. $6500 for trade up purchases after 5 years in current residence. DETAILS on the Homebuyer 8,000 Tax Credit EXTENSION and ADDITION of the $6,500 Credit for Current Homeowners
The $8000 first time homebuyer credit will extend to contracts SIGNED by April 30th, 2010 and must close by June 30th, 2010.
The bill also creates a $6,500 credit for those who buy a home after living in their current house at least five years.
The credit defines a first-time homebuyer as someone who has not owned a residence within the past three years.
The credit would be available only for the purchase of principal residences priced at $800,000 or less. The bill would raise the adjusted gross income cap to $125,000 for single filers and $225,000 for joint filers. The amount of the credit currently begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers. |