Tax Credit Vote In

By
Real Estate Agent with BHG Real Estate - Kansas City Homes SP00229578 2007027091

The Senate approved the Tax Credit Extension through May 1, 2010. First Time Homebuyers can still receive an $8000 Tax Credit if they purchase before the date. In addition, a $6500 Tax Credit has been approved for repeat buyers providing they have lived in their home for 5 of the previous 8 years. The cap for home price is $800,000.

Income limits have been expanded to $125,00- for single filers and $225,000 for joint filers. There are prorations for incomes up to $145,000 single and $245,000 married.

Buyers with contracts in place by April 30 have an additional 60 days to close. Military personnel serving overseas for at least 90 days between January 1, 2009 and May 1, 2010 have an additional year.

To redeem the credit, buyers make the claim on their income tax return. If the amount of your credit exceeds taxes, the government issues a check - just like a refund.

Posted by

Maria Morton,Realtor© Call 816-560-3758.  Google Maria

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Maria Morton of Better Homes & Gardens Real Estate is a licensed Real Estate Agent in KS & MO. 816-560-3758 Mobile 816-410-5499 Office 816-410-6302 eFax 435 Nichols Road Ste. 300 Kansas City, MO 64112   Maria Morton Copyright © 2008-2014 

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Re-Bloggged 2 times:

Re-Blogged By Re-Blogged At
  1. Lori Bowers 11/05/2009 12:32 PM
  2. Kathy Schowe 11/05/2009 07:41 PM
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Location:
Missouri Jackson County Kansas City
Tags:
buyers
federal tax credit incentive for home buyers

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Anonymous #1
Anonymous
Anonymous

Hey, Maria - Did you see that the House approved the extension and President Obama signed it this weekend? Let your prospects know!

November 09, 2009 07:09 PM
Rainmaker
521,295
Maria Morton
Kansas City Real Estate 816-560-3758
BHG Real Estate - Kansas City Homes

Russell, I did! Sorry, I've been so busy working that I have had precious little time for blogging. Will have to get back on the program.

November 11, 2009 02:06 AM
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Rainmaker
521,295

Maria Morton

Kansas City Real Estate 816-560-3758
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