Changes to the Home buyers tax credit-All Realtors should know

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Education & Training with Glasswork Media Arts

Changes to the Home buyers tax credit-All Realtors should know

 

In Nov of 2009 the United States Congress passed legislation that extended the Home Buyers tax credit program. Not only did this legislation extend the benefits, it also included some changes. Changes that all Realtors should know.

 

 

Attributes                                 Old  Plan                                  New Plan

 

First time home             $8,000                                     $8,000

Buyers credit                                                                                                   

 

Current home                           $6,500                                     $6,500

Owners credit                                                                                                  

 

FTHB                                      No residence ownership           N/A                

Eligibility                                   for 3 previous years                                         

 

Binding contract                        N/A                                         contract in effect by 4/30/10

Rule                                                                                         must close by 7/1/2010

 

Income limits                            $75,000 single                          $125,000 single

                                                $150,000 married                     $225,000 married

 

Purchase price                          N/A                                         $800,000

Limitations                                                                                                                   

 

*Anti fraud rule             N/A                                         documentation must be

                                                                                                Attached to tax return.

 

  • As stated in one of my earlier posts on this subject this rule is new due to the amount of fraudulent applications received by the IRS. This rule has slowed the distribution of the credit to taxpayers dramatically.

 

If you or family a member are thinking of buying or selling a home, please feel free to contact me for assistance.

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Rainer
31,564
Gilda Duhs
Coldwell Banker Residential Brokerage - Laguna Beach, CA

Thank you for the update. This information is very helpful!

Feb 06, 2010 05:34 PM #1
Rainmaker
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Michael J. Perry
RE/MAX Associates of Lancaster, PA. - Lancaster, PA
Lancaster Relo Specialist

Gerry, I'm gonna Reblog this to my FB friends ! NO ONE has answered this question yet- What if I can't or don't sell my original house which I've owned more than 5 yrs.? As long as i buy a new one and physically move to it as my new personal residence do I still qualify(even if my original is unsold as of 7-1-10) ????????

Feb 07, 2010 09:10 AM #2
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Gerry Michaels

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