On Friday, November 6, 2009, President Obama signed a bill which will extend the $8000 tax credit for *qualifying first-time home buyers through June 2010. First time home buyers will receive the $8,000 Federal tax credit if they:
1. Sign a contract by April 30, 2010
2. Close on the home by June 30, 2010.
The new bill will also provide a $6,500 credit for current homeowners who purchase a new primary residence, and have lived in their current home for at least five of the previous 8 years.
*The bill has a few provisions including:
- Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible.
- Joint tax filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.
Click here for the First Time Home Buyer Tax Credit Form.
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