Housing Tax Credit for 1st Time Buyers & Current Homeowners

The new and improved housing tax credit has just one step left before it will be officially approved. The current 1st Time Buyer Tax Credit expires on November 30.

The new bill has now passed the Senate and the House, and is slated to be signed by the President today.

Tax Credit Basics:

• 1st time buyers (including buyers who have not owned a primary residence in 3 years) will be eligible for an $8,000 tax credit
• current homeowners who have owned their current home for at least 5 years will be eligible for a $6,500 tax credit
• contracts for the new property must be written (fully negotiated?) by April 30, 2010 and must close by June 30, 2010
• the purchased property must be used as a primary residence
• homes must cost less than $800,000
• buyer income limits have increased to $125,000 for individuals and $225,000 for couples

Additional information on eligibility requirements will be available soon once the bill is passed.

Possibly Related Posts:

1. How College Students can Get the $8000 Housing Tax Credit
2. Who is Eligible for the New Housing Tax Credit?
3. 1st Time Buyers – Buy Now for Once in a Lifetime Opportunity
4. Missouri Residents can use the First Time Buyer Tax Credit at Closing to Cover Costs

Tagged as: First Time Buyers, Taxes