Thursday, February 11, 2010

Carpe Diem..Time is Running Out on Home Buyer Tax Credits




Carpe Diem..Time is Running Out on Home Buyer Tax Credits

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

It also authorized a tax credit of up to $6,500 for qualified repeat home buyers purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010). Check out http://www.federalhousingtaxcredit.com/ for full details
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