2009 Tax Credit Extension

Congress has passed the extension of the Homebuyer Tax Credit and added a credit for repeat buyers

The Federal Homebuyer Tax Credit - Extended through April 30, 2010
Congress has voted to extend the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence through the Worker, Homeownership, and Business Assistance Act of 2009 . The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. Homes must close by June 30, 2010.

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.

For a list of FAQs on the Federal Tax Credit extension, visit www.federalhousingtaxcredit.com

A Move-up/Repeat Home Buy Tax Credit has been added

As part of the extended bill signed by Congress, a new tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) has been added. Repeat homebuyers purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 may qualitfy for this credit. The homes must close by June 30, 2010.

For a list of FAQs on the Move-up/Repeat Buyer Tax Credit, visit www.federalhousingtaxcredit.com