The U.S. House of Representatives voted today to extend and expand the First Time Home Buyers $8000. Tax Credit that was unanimously passed by the U.S. Senate last night. The bill not only extends the $8000. tax credit to first time home buyers (those who haven’t owned a home in the past 3 years) but also provides a $6,500. tax credit to those who have owned a home before. The new credit was extended through April 30, 2010 . As with the previous credit, home buyers must qualify for the new tax credit.
- First Time Home Buyers
- Income Limits – $125,000. single or $250,000. married
- Limitation on Cost of Home – $800,000.
- Termination of Credit – April 30, 2010. Must close by July 1, 2010
- Current Homeowner
- Definition – Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years
- Income Limits – $125,000. single or $250,000. married
- Limitation on Cost of Home – $800,000.
- Termination of Credit – April 30, 2010. Must close by July 1, 2010
In addition, a new “anti-fraud” rule was attached to the new bill which requires the purchaser to attach documentation of purchase to the tax return.
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