First Time Home Buyer Tax Credit Extended and More!

It’s official! Congress has approved an extension of the $8,000 tax credit for first-time home buyers to sales contracts entered into by April 30, 2010 and closed by June 30, 2010.

This is good news for all those that weren’t quite ready to buy a home this month.  Something to think about if you are expecting a tax return in the first part of the year that you would like to use for a down payment.

And in even bigger news, along with extending the first-time home buyer tax credit, Congress has added an additional $6,500 tax credit for owners of existing homes who are looking to purchase a new home for their primary residence.  It must be a move-up in home, but still is a great deal to anyone looking to buy a nicer home than they currently have.

And in more good news, the income eligibility limits to claim the full credit amount for both groups of home buyers have been raised from $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return to $125,000 for individuals and $225,000 for married couples.

So more people can take advantage of a tax credit next year, new and repeat home buyers alike.

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