Very exciting news! The Homebuyer Tax Credit has been extended! Congress has decided to both extend and expand the homebuyer tax credit to continue stimulating the housing sector of the economy. The Senate voted 98-0 on Wednesday and yesterday the House voted 403-12 on legislation that includes the extension and expansion of the credit. The President is expected to sign the legislation, perhaps as early as today. Until April 30, 2010 all first time home buyers have the opportunity to receive up to $8,000 in tax credit! Remember, to qualify for the FIRST TIME Homebuyer tax credit, can not have owned a home in the last 3 years. The income limits for the credit are $75,000 for a single person and $150,000 for a married couple.
The new change to the bill effects current homeowners as well! Current homeowners can now also receive up to $6,500 in tax credit. The change in legislation would allow any homeowner who has lived in their primary residence 5 consecutive years of the last 8 years the opportunity to purchase a new home and receive up to $6,500 in tax credit. There is a ceiling on the amount that a homeowner can sell their property for” $800,000. Any amount above that would not qualify for the credit. Also, income limits are $125,000 for a single person and $225,000 for a married couple.
Please see this brief overview in the changed legislation from the National Association of Realtors and feel free to contact me with any questions you might have.
I am an Associate Broker with Teton Valley Realty. I have been a licensed REALTOR® for twelve years and actively involved with property sales and development in Teton Valley.
I have lived in Teton Valley for over 20 years and feel fortunate to have made a home here with my husband, Travis, and two children, Conley and Arah. 