Tax Credit Gets Extension!

Congress has extended and expanded the homebuyer tax credit. The modifications in the column labeled

“December 1 – April 30, 2010” become effective when President Obama signs the bill. All changes made

to the current credit become effective on that date, as well.

$8000

($4000 married

filing separate)

$8000

($4000 married

filing separate)

May not have had an interest

in a principal residence for 3

years prior to purchase

Same

No Provision $6500

($3250 married

filing separate)

No Provision

Date of Enactment

No Provision Must have used the home

sold or being sold as a

principal residence

consecutively for 5 of the

previous 8 years

November 30, 2009.

(Becomes April 30, 2010 on

Date of Enactment.)

Purchases after

April 30, 2010

contract to purchase is in

effect on April 30, 2010, the

purchaser will have until

July 1, 2010 to close.

$75,000 – single

$150,000 – married

Additional $20,000 phase out

$125,000 – single

$225,000 – married

Additional $20,000 phase

out

None $800,000

Effective Date of Enactment

Effective Date of Enactment

documentation of purchase

to tax return

________________________________________________________________________________

For more information on the tax credit extension and to see if you are eligible for the $6,500 tax credit if you are selling and then buying please give The Good Home Team a call at 972-215-SOLD (7653) and they will be glad to answer any questions you might have!

To begin your home search click here! 

Thanks,

The Good Home Team

Keller Williams Realty #1 office in North Texas!

972-215-SOLD (7653)

Info@TheGoodHomeTeam.com