Breaking News! Housing Tax Credit Extension & Expansion is Approved. President Obama has approved the Housing Tax Credit Expansion and Extension. See Details Below: $8,000 First-time Homebuyer Tax Credit Extension Under the American Recovery and Reinvestment Act of 2009, qualified first-time homebuyers may receive a tax credit up to $8,000. President Obama's bill extends this program into 2010. ~Eligible for homes with purchase agreements signed by April 30, 2010, and closed by June 30, 2010. ~Available to first-time homebuyers who have not owned a home during the past three years. ~Credit amount up to 10% of the home's value, not to exceed $8,000. ~Buyers qualified for full tax credit are single taxpayers with incomes up to $125,000 and joint filers with incomes up to $225,000. $6,500 Tax Credit For Current Home Owners President Obama's new bill also provides up to $6,500 tax credit to current home owners who purchase a new primary residence. ~Eligible for homes with purchase agreements written by April 30, 2010, and that close between Nov. 6, 2009 and June 30, 2010. ~Qualified home buyers must have lived in their current home for 5 consecutive years of the last 8 years. ~Maximum purchase price of the home is $800,000. ~Single tax filers who earn up to $125,000 are eligible for the total credit amount. Partial credit can be granted for incomes up to $145,000. ~Joint filers who earn up to $225,000 are eligible for the total credit amount. Partial credit can be granted for incomes up to $245,000.
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