New (11/09) Home Buyer Tax Credits
Posted by tinagleisner
If you own a home, you probably didn’t pay much attention to the home buyer tax credit for First Time Home Buyers. Think again as the bill just passed in Congress makes many home owners eligible, to help get the cycle of buying and selling real estate moving … as it affects the economy!
The Worker, Homeownership, and Business Assistance Act of 2009
The new tax credit is worth of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).
Here are a few quick qualifications (details at the National Home Builders web site):
- Home owners who’ve lived in their homes for at least 5 consecutive years of the prior 8 years.
- Income limits are $125,000 for single taxpayers, $225,000 for married taxpayers.
- Purchase price for homes up to $800,000.
- … so if you’re interested, start your research now as you can claim the tax credit in 2009 even if you don’t purchase the new house until 2010.
About the Author: Tina Gleisner is the founder of the Assn of Women Home Owners and President of My Handyman of Southern NH. She is passionate about empowering women home owners and connecting them with home professionals that deliver quality products and services.
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