by Dell Claiborne
I heard that the $8000 tax credit has been extended and expanded. What’s new?
This news really has the real estate community buzzing. As the end of the original First-Time Homebuyer Tax Credit approached, many in the industry pushed Congress to extend it. It has been extended to June 30, 2010. To qualify for the credit, home purchases must be under contract by the end of April and close by the end of June. The biggest addition to the tax credit is that it is no longer exclusively for first time homebuyers. Under the new plan, homeowners who sell their primary residence and buy another primary residence can receive up to $6500 in tax credits. This is huge because now many sellers who had decided they couldn’t afford to sell their homes may enter the market. The new plan also increased the income limits for eligible buyers and set a limit for the cost of the purchased home. Originally income limits were $75,000 for a single adult and $125,000 for a married couple. Now the limits have been increased to $125,000 for a single adult, and $225,000 for a married couple and cost of the purchased home is now being capped at $800,000. I hope this helps and if you need more information please visit www.varealtor.com or consult your Realtor®.
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