Realty World® Executive Partners » First time home buyer tax credit

The Federal Home Buyer Tax Credit Program Expires Soon

Verna — Sun, 11 Apr 2010 06:20:23 +0000

The Worker, Homeownership, and Business Assistance Act of 2009 extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers. The tax credit applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

The Extension and Expansion of the First-time Homebuyer Tax Credit is Now Law

Verna — Mon, 09 Nov 2009 20:46:49 +0000

The government has just extended and expanded tax credits for home buyers – and not just those buying for the first time.

First time home buyers can now receive an $8,000 tax credit through April 30, 2010

Home buyers who have lived in their residences for five years may now receive a credit of $6,500

The tax credit is now available to individuals earning up to $125,000, or $250,000 for couples

All of the homes and condos listed on our site as of 11-09-09 qualify for the credit.

Read the full story about the 2009 homebuyer tax credit for more details. More implications of the new tax credit are discussed in this article.

Effort to extend the $8,000 first-time homebuyer tax credit in Congress

Verna — Fri, 23 Oct 2009 17:29:39 +0000

The New York Times reported Wednesday night that Democratic congressional leaders are working with the White House to extend the $8,000 first-time homebuyer tax credit and make it available to all home buyers.

The credit is believed to be a driving force in the recovery of the housing market. Some analysts fear the market will resume its slide once the tax credit expires Nov. 30.

You may read the full New York Times story by clicking here.

We thank the Seattle P-I for providing the summary.

Update on 11/5/09: President Obama is set to sign an extension of the homebuyer tax credit that adds new provisions to the existing law. According to the AP story on Yahoo’s news page, ”

“The legislation would extend the program through June of next year, as long as the buyer signs a contract by the end of April. It also offers a $6,500 tax credit to those who have lived in their current residence at least five years.

The measure doubles the income ceiling for eligible individuals to $125,000. Homes must cost less than $800,000 to qualify.”