Tag Archives: homebuyer tax credit
Home Buyer Tax Credit Closing Extension Has Life – H.R. 5623
From GOP.gov (bolding mine): H.R. 5623 would extend the homebuyer tax credit of up to $8,000 for the purchase of a principal residence before October 1, 2010. … The bill would provide any homebuyer who entered into a contract on a home by April 30, 2010, but have been unable to go to closing within the required 60 days; the provision would extend the closing date for an additional 90 days. … Under current law, taxpayers who submit a bad check or money order to the IRS must pay a penalty of 2% of the amount of the check or money order. … ] This provision would extend the authority of the Department of Homeland Security to implement fees related to the recently-enacted Travel Promotion Act for one year, through fiscal year 2011. Continue reading
Homebuyer Tax Credit in 2010 – Who’s Eligible?
• Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
…If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit . … Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit. … If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit . — Part 1- Quick Update on the Charlottesville Real Estate Market Part 2 – Short sales and Foreclosures in Charlottesville Part 3 – Homebuyer tax credit in 2010 – Who’s Eligible? Continue reading
The Homebuyer Tax Credit Gets Closer to Extension – 4 November 2009
Update 7 November:
And it’s a Law.
Update 6 November 2009:
Charlottesville’s Representative Tom Perriello voted … Continue reading…
Homebuyer Tax Credit (May Be) Extended
It looks like the homebuyer tax credit will (likely) be extended. Maybe.
Via Calculated Risk and Bloomberg:
- Income eligibility for home buyers increases to $125,000 for individuals and $225,000 for couples.
- The tax credit for first-time home buyers (anyone who has not owned in the last 3 years) will be the lesser of $8,000 or 10% of the purchase price.
- For move-up buyers – “who have lived in their current home for at least five years” – the credit would be limited to $6,500.
- The credit runs from Dec. 1, 2009 to April
