Sell Your House

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Stopping Foreclosure

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Great News! On Friday, November 6, 2009, President Obama signed the extension of the First Time Homebuyer credit! The bill allows those buying a primary residence for the first time to claim 10 percent of its purchase price, up to $8,000 for single taxpayers or married taxpayers filing jointly. Even better, the program has authorized a $6,500 credit for repeat homebuyers. Here are some of the highlights:

• The credit has been extended in time to cover purchases made before May 1, 2010.
• If a purchaser signs a binding contract by that date, the purchase will still qualify as long as closing takes place before July 1, 2010.
• Members of the military serving outside the United States for at least 90 days can take advantage of the credit until June 30, 2011.
• The income range for eligible purchasers has been expanded so that the credit doesn?t begin to phase out until the modified adjusted gross income of purchasers exceeds $125,000 for single filers, $225,000 for joint filers. The old phase-out thresholds were $75,000 and $125,000, respectively.
• The credit has also been expanded to cover purchases of a new principal residence by people who have lived in their current principal residences for at least five out of the last eight years. However, they will only be eligible for a $6,500 maximum credit.
• One rule that isn?t changing is that a purchaser can continue to treat the purchase as having occurred on December 31 of the previous year, and claim the credit against that year?s taxes.

Below is a website with frequently asked questions for your reference. If you have any additional questions, or need my assistance in obtaining your tax credit for your NEW HOME, please feel free to contact me directly.

FederalHousingTaxCredit.com