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THE CLARKE AGENCY, INC.Cathie Elliott, Real Estate Broker/Owner |
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Homebuyer Tax Credit Extension
Letter to the Editor by Cathie Elliott Broker/Owner, The Clarke Agency, Inc. Real Estate 
Dear Editor, There’s good news again on the housing front. The homebuyer tax credit, due to expire November 30th will be extended through June 30, 2010. First-time buyers who are in the process of making a purchase don’t need to worry about qualifying for the $8,000 credit if they close after the November 30th deadline. The new legislation makes move-up buyers as well as first time buyers eligible for a credit. The $8,000 maximum first-timer credit will continue and will now be available to couples with income up to $225,000 ($125,000 for individuals), a nearly $55,000 increase above the present level. A new $6,500 maximum credit will be available to move-up homeowners who have lived in their current residence for five of the prior eight years. The tax credit will sunset on April 30, 2010, but as long as you have a binding contract by that date, you will still qualify to complete the transaction within 60 days. For purchases made in 2010, taxpayers can claim the tax credit on their 2009 income tax return. Homebuyers would not have to repay the credit, provided the home remains their principal residence for 36 months after the purchase date. For more information, buyers should consult their tax accountant or local Realtor. Sincerely, |
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The Clarke Agency, Inc.