Tax Credit Extension
December 11, 2009 by Pei Lin
In what has been urged as a must-have by real estate professionals and builders, the $8000 tax credit for first-time home buyers (previously due to expire Nov. 30), has been extended through April 30, 2010, according to the Associated Press. Not only has it been extended, but it has also been expanded to include more buyers.First-time home buyers who bought after January 1, 2009 (original date of credit term) and close before April 1 2010, would get the full $8,000. For homes purchased after April 1st 2010 to December 31st 2010 the credit is still available, but it’s value would be reduced by $2,000 in each successive quarter until expiry at the end of 2010.
Current homeowners looking for a new home could also qualify for a $6,500 credit if they have lived in their existing primary residence for at least five years. However they must have purchased the new home after Nov. 6th 2009 to qualify for this tax credit.
Two publications from the National Association of Realtors provide detailed information:
Homebuyer Tax Credit Changes
Homebuyer Tax Credit Changes: Most Frequently Asked Questions
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