This Homebuyer TaxCredit of $6,500 (married couple) is available as of November 6, 2009 for couples with combined adjusted gross incomes that do not exceed $225,000 (for singles a $3,250 credit and adjusted gross income not exceeding $125,000). You must be in contract on a new home by April 30, 2010, and must close escrow by June 30, 2010. The homeowner must have owned the prior residence for...
Both the House and Senate have passed the new extended/expanded Homebuyer Tax Credit and it is now awaiting the President's signature. Previously, the first time buyer credit of $8,000 was to expire on November 30, 2009, but it will now be extended to April 30, 2010. The new bill also includes a $6,500 credit to qualified homeowners looking to "move up" by purchasing a replacement home for...
In Washington and beyond, the discussion is stirring as to whether to extend the First Time Home Buyer Tax Credit of $8,000 which is set to end November 30, 2009. I believe extending this credit will benefit homeowners across the board including owners of Palos Verdes Real Estate. At first glance, it may not look beneficial to owners of Palos Verdes real estate because the applicant's income cannot...
Can you qualify for the home buyer tax credit? Maybe. Here is what we know. With the recently passed legislation, "first time" buyers who purchase a home between January 1, 2009 and December 1, 2009 may qualify for a $8000 tax credit. What surprised me was reading that a first time home buyer is someone who has never owned a home before or hasn't owned one during the three years preceding the 2009...