Friday, November 6, 2009

Tax Credit Extended and Expanded

As of – Thursday, November 5th – that bill has passed and will be sent to President Obama for his signature

Upon Passing the extension of the HomeBuyers Tax Credit there will be several changes to assist homebuyers. It is no longer limited to First-time buyers bu has been extended to others also looking to purchase a home.

Let's summarize the changes quickly:

Once President Obama, has signs the bill, the expiration date for the credit will move to April 30, 2010.

First-time buyers who have not had interest in a principle residence for three years are still eligible, and the maximum amount remains the same – $8,000 for married couples, $4,000 for those filing separately.

Current homeowners, who have consecutively maintained the home they want to sell as their primary residence for five of the last eight years, are also eligible. However, the maximum amount for those homeowners is lower: $6,500 for married couples and $3,200 for those filing separately.

The tax credit may not used to purchase a home for more than $800,000. All buyers who want to get the credit must include documentation of the purchase on their tax returns. (Usually a copy of the HUD statement given at closing will suffice)

Milicki & Associates, Inc.
110 Evans Mill Dr Suite 103
Dallas, GA 30157

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