Homebuyer Tax Credit Changes, Yardley, Lower Makefield Township, Newtown, Upper Makefield Township, Bucks County.

Good news for anyone considering purchasing a home, in Yardley, Newtown, Lower Makefield Township, Upper Makefield Township, or anywhere in Bucks County.

Both the house and senate have overwhelmingly passed an extension and expansion of the homebuyer tax credit, and the revised provisions were oficially enacted, as President Obama signed the legislation, today.

What was previously, limited to an opportunity for first time home buyers, has been expanded to include those current homeowners who are looking to purchase another home. Even the first time homebuyer credit has seen some changes, the major one being the expansion of the income limits that allow a first time homebuyer to qualify.

The new homebuyer tax credit, extends the 8,000 tax credit to first time homebuyers. To qualify, there must be a written, binding contract in effect on or before April 30, 2010, and the property must close prior to July 1, 2010.

The biggest change for the first time homebuyer portion of the new provision, is that the income limits to qualify, have been increased. The new limits are $125,000 for a single person, and $225,000, for married couples filing jointly. There is an additional phase out for people who earn up to $20,000 more than those limits.

The most significant aspect of the new credit, is that it now includes a credit of up to $6500 for current home owners, who purchase a home under the same time frames as I indicated above. A home that costs more than $800,000 are more, will not qualify for the new tax credit.

The Governement has made it extremely easy to file for the credit. I have posted the required form for your review. I have also included a a brief outline of the changes to the new credit, and have also included answers to common questions.

Click here for the form needed to file for the credit. (5405)

FAQ

Outline of changes in the new tax credit provision.

This entry was posted on Friday, November 6th, 2009 at 10:54 am and is filed under Buying Real Estate, First Time Home Buyers, Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.