Quick Facts about the extension of the home buyers tax credit 2009-2010
1) The credit is phased out for individuals with income above $125,000 and for joint filers with income above $225,000.
2) An $8,000 credit is available to all first-time homebuyers. The tax credit will be extended upon enactment until April 30, 2010.
3) A $6,500 credit is available to homebuyers who have been in their current residences for the last five years or more. This will go into effect on the legislation enactment date.
4) The credit is available only for the purchases of principal residences with purchase prices of $800,000 or less.
5) The legislation incorporates a proposal in the Service Members Home Ownership Tax Act of 2009. This proposal eliminates the recapture requirement for military personnel, including members of the Foreign Service and intelligence community, who were forced to sell as a result of an official extended duty of service. It allows military personnel serving outside the U.S. for at least 90 days in 2009 or 2010 one additional year to qualify for the credit.
If you would like more information on the home buyers tax credit, please contact Jennifer Manchester at www.JenniferManchester.com.
Jennifer specializes in helping people buy and sell Mint Hill, NC real estate, Matthews, NC real estate and Charlotte, NC real estate