Folsom Real Estate 95630 – Wed. Nov 4th, U.S. Senate approved bill containing the extension for First Time Home Buyers, and also includes a credit for Homeowner’s who have owned their home for 5 years.
The tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a reduced credit of up to $6,500. Existing homeowners will be eligible for the $6,500 if they have lived in their current residences for at least five years. The bill also will increase the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers, to $125,000 and $225,000. The purchase price of the home is capped at $800,000.
Taxpayers can also claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.
The bill now will go to the House, where action may be taken as early as tomorrow.
If you want to Buy or Sell, give us a call at 916-988-8881
Rene Morales, Lic# 00923039
Tanya Morales, Lic# 01506916
Keller Williams Realty, Folsom
www.MoralesRealtor.com
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