Home Buyer Tax Credit Extended

Posted by Jeff on November 5, 2009 under Real Estate | Be the First to Comment

Both the House of Representatives and the Senate have approved the extension of the $8,000 Home Buyer Tax Credit. Now it is on its way to President Obama’s desk for his signature.

This latest and probably last extension also raises the income limits to $125,000 for a single buyer and $225,000 for a couple. Also included in this bill is a $6,500 credit for trade up buyers as long as they have lived in their current home for at least 5 years.

You’ll need to be in contract by April 30, 2010 and must close by June 30, 2010.

Due to the fraudulent claims connected to the current bill some safeguards have been added to the claims procedure along with a prohibition on non-arms length transactions. Expect delays in receiving your refund as your claim is scrutinized and beware of buying from a relative. The non-arms length prohibition could complicate your claim.