First-time home buyers — or people who haven't owned a home in the previous three years — could get up to $8,000. To qualify, buyers have to sign purchase agreements before May 1 and close before July 1.
Buyers who have owned their current homes at least five years would be eligible, subject to income limits, for tax credits of up to $6,500.
For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.
The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.
We can answerer basic questions about the tax credit. If you have more specific questions, we advise you to consult your tax advisor.
2 comments:
A lot of useful information in this blog, thanks. I feel that it might even be too much for me to “digest” in just one week.
Even better news for those abroad in the military. They extended the incentive even longer for our fine soldiers overseas.
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