Atlanta Real Estate News, New Listings
We've had several phone calls this morning regarding the newly expanded Home Buyer Tax Credit. Of course, buyers who have pending contracts are asking if they will now qualify for an additional tax benefit.
Keep in mind that while both the House and Senate have passed the bill, it still has to be signed off by The President. There are countless blogs, and news articles expelling the pros and cons of our Government using tax dollars as an incentive for buying homes and cars, and time will tell if the programs are ultimately successful. So the purpose of this blog is not to defend or denounce the program but to provide an overview of how it works. Please keep in mind that anytime you're dealing with tax incentives it's always best to check with a professional tax advisor to discuss your situation. Since this Bill has not been finalized, all the information below is subject to change and errors.
The tax credit is for 10% of the purchase price with a maximum credit of $8000
Applies to contracts written before May 1, 2010 and a closing date before July 1, 2010
Income limits of $75,000 for singles and $125,000 for married couples who file joint returns
Purchase price cannot exceed $800,000
Only applies to primary residences, not second homes or investment properties
You must be at least 18 years old
The tax credit is for 10% of the purchase price with a maximum credit of $6500
Applies to contracts written before May 1, 2010 and a closing date before July 1, 2010
Income limits of $125,000 for singles and $225,000 for married couples who file joint returns
Purchase price cannot exceed $800,000
Must have owned your home for 5 consecutive years out of the last 8 years
Only applies to primary residences, not second homes or investment properties
You must be at least 18 years old
For Armed Services members who have been deployed on duty outside the United States, the tax credit has been extended to May 1, 2011 with a closing date before July 1, 2011.
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Date: Friday, November, 6th 2009 @ 11:16:24 AMViews: 2151
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