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December 3rd, 2009 11:05 AM by David W. Welch
Home Buyer Tax Credit Extended and Expanded
The first time home buyer tax credit has been extended and expanded to include repeat buyers. It was extended through June 30, 2010 as long as you have a binding contract in place by April 30, 2010. This is still a true tax credit that does NOT have to be re-paid. Below is a countdown clock to keep track of how much time you have left to take advantage of the tax credit. Keep in mind, you must have a binding contract in place no later than April 30, 2010.
Here are a few things to keep in mind for first time home buyers: first, if you are married both parties have to qualify as first time home buyers; a first time buyer is someone who has not owned a home for at least the last three years; there are income restrictions, so speak with your accountant or tax preparer about how this affects you; the tax credit is 10% of the purchase price of the home up to $8,000. (If you purchase a $50,000 condo the maximum credit would be $5,000).
If you are a repeat buyer, the same income restrictions apply, and the tax credit only goes up to $6,500. To qualify as a repeat buyer you must have owned a home for five consecutive years out of the last eight. By the way, the maximum purchase price for a home to qualify is $800,000.
David Welch , Orlando Real Estate Blog , As Seen On HGTV's House Hunters