$8000 tax credit can soon be yours!
Post from: Denver Real Estate and Relocation
Assuming President Obama signs the bill, the $8000 tax credit has been extended until April 30, 2010. In addition the bill has been expanded to provide existing homeowners who have lived in their homes 5 of the last 8 years a tax credit of $6,500.
The credit applies only to homes priced under $800,000.
The bill raises the adjusted gross income cap to $125,000 for single filers and $225,000 for joint filers. The amount of the credit currently begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.
First time buyers have been taking advantage of this offering for the past months. It was set to expire the end of November. Sales have been brisk in the lower price ranges.
Fueling the entry level market has been good, not just for first time home buyers, but for the move-up buyers too. Now with an extension and expansion, more buyers will be able to take advantage of the spring market.
If you or someone you know wants to buy a home, be sure to study the facts first. I’ve attached a Frequently Asked Questions prepared by the National Association of Realtors which is very helpful.
Related posts:
- First-Time Homebuyer Tax Credit
- Federal Tax Credit for Homebuyers $15,000!
- First Time Buyer Tax Credit ~ More to Consider
