Monday, November 23, 2009
Congress Extends Homebuyer Tax Credit Until April 30, 2010
On November 5, 2009, Congress voted to extend the homebuyer tax credit program until April 30, 2010. The extension continues the $8,000.00 tax credit to first time homebuyers, and includes an additional credit for current homeowners of $6500.00. Further, by extending the Homebuyer tax credit, the Florida Homebuyer Opportunity Program will continue to provide loans to first time buyers for down payment and closing costs. The chart below provides a comparison of the benefits to homeowners under the original act and the new benefits under the extended program:
FEATURE
|
Jan 1 – Nov 30, 2009 |
Nov. 7 – April 30, 2010 |
First-time Buyer |
$8000 |
$8000 |
First-time Buyer |
May not have had an interest in |
Same |
Current Homeowner |
|
$6500 |
Effective Date |
|
|
Current Homeowner |
|
Must have used the home sold |
|
Purchases after November 30, |
Purchases after April 30, 2010 |
|
|
So long as a written binding |
Income Limits |
$75,000 – single |
$125,000 – single |
Limitation on Cost of Purchased Home |
|
$800,000 |
Purchase by a Dependent |
No Provision Ineligible |
November 7, 2009 |
Anti-fraud Rule |
|
Purchaser must attach |