If you follow me on Twitter, you will already know that HR 3548 has been signed by President Obama…There was language added into this bill that extends and expands the home buyer tax credit! As part of its plan to further stimulate the U.S. housing market, this legislation:
- Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010 (with another 60-day extension for buyers who are in contract as of this date, and who close escrow on or before June 30, 2010). A “first-time home buyer” is a purchaser and spouse may not have owned a residence during the three years prior to the purchase.
- Expands the credit to grant up to $6,500 credit to non-first time buyers purchasing a new or existing home between November 7, 2009 and April 30, 2010.
There are many nuances to this legislation, so please speak with your CPA regarding your qualifications for these tax credits and your eligibility. Here is a Q&A from the National Association of Realtors regarding how to obtain the tax credit.