Will the extension of the tax credit happen or not???
First-Time Homebuyer Tax Credit available to an individual buying a principal residence for the first time. This will expire Dec 1, 2009 or won’t it? We will find out soon in November 2009. The extension of this Homebuyer credit if passed, will be a bit different but still nothing like we have ever had in the history of home buying.
The modifications are as follows:
1) The credit is available only for the purchase of principal residences with a purchase price of $800,000 or less.
2) An $8,000 credit is available to all first-time homebuyers.
3) The credit is phased out for individuals with income above $125,000 and for joint filers with income about $225,000.
4) A $6,500 credit is available to homebuyers who have been in their current residence for the last five years or more.
The $8,000 home buyer tax credit for first-time buyers would extend to April 30, 2010. A credit would be available under the bill to allow some existing homeowners a credit of $6,500 if they had been living in the same residence for five consecutive years out of the eight years prior to the date of the new settlement.
For more information contact,
The Kuchta’s Kelly and Colleen
Cell: 414-651-1613
Fax: 262-782-8260
Website: thekuchtas.shorewest.com
“Families Helping Families”
Posted by:
Kelly Kuchta
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