Homebuyer Tax Credit Changes for Pocatello Buyers
Category: Homebuyer Tax Credit.
Tags: buying in pocatello idaho, first time homebuyer tax credit, Homebuyer Tax Credit, tax credit for buyers in pocatello idaho
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.
|
Feature |
Jan 1 – November 30, 2009 Rules as enacted February 2009 |
December 1 – April 30, 2010 Rules as enacted November 2009 |
|
First-time Buyer - Amount of Credit |
$8,000 ($4,000 married filing separate) |
$8,000 ($4,000 married filing separate) |
|
First-time Buyer – Definition for Eligibility |
May not have had an interest in a principal residence for 3 years prior to purchase |
Same |
|
Current Homeowner – Amount of Credit |
No Provision |
$6,500 ($3,250 married filing separate) |
|
Effective Date – Current Owner |
No Provision |
Date of Enactment |
|
Current Homeowner – Definition of Eligibility |
No Provision |
Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years |
|
Termination of Credit |
Purchses after November 30, 2009. (Becomes April 30, 2010 on Date of Enactment.) |
Purchases after April 30, 2010 |
|
Binding Contract Rule |
None |
So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 2, 2010 to close. |
|
Income Limits (Note: Increased income limits are effective as of date of enactment of bill) |
$75,000 – single $150,000 – married Additional $20,000 phase out |
$125,000 – single $225,000 – married Additional $20,000 phase out |
|
Limitation on Cost of Purchase Home |
None |
$800,000 Effective Date of Enactment |
|
Purchase by a Dependent |
No Provision |
Ineligible Effective Date of Enactment |
|
Anti-fraud Rule |
None |
Purchaser must attach documentation of purchase to tax return |
SOURCE: National Association of REALTORS(R) Government Affairs Division * 500 New Jersey Ave., NW * Washington DC 20001

Ave. Home Sale: $379,000

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