If you are a first time buyer OR own a home currently you still have time to cash in on a tax credit. Here are the parameters:
–Up to $8,000 for first time buyers or up to 10% of the purchase price of the home and must be in binding contract by April 30, 2010 and close within 60 days. One exception, the tax credit availability is extended for one year for military personnel serving outside the US for at least 90 days in 2009 or 2010.
–Current homeowners can obtain a $6,500 credit if the owners have been in the same principal residence for 5 consecutive years during the previous 8 years.
–Income limitations to qualify are $125,000 for individuals and $225,000 for joint filers.
–The credit is limited to purchases of principal residences equal or less than $800,000.
What are you waiting for?
S.A. 2712 would also include anti-fraud language. The measure would not extend the credit to taxpayers under the age of 18 on the date of purchase unless that person is married to a taxpayer above the age of 18. The amendment would also require a properly executed copy of the settlement statement to be attached to the tax return. Moreover, the substitute would expand the restriction on a residence acquired from a family member to include a residence acquired from a spouse’s family member.
S.A.
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