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Extension of First Time Homebuyer Credit - the Worker, Homeownership and Business Assistance Act of 2009

Nov 6, 2009

The extension of the first-time homebuyers tax credit, signed by President Obama., extends $8,000 first time homebuyer tax credit offer through June 30th, 2010. The bill also opens up opportunities for others who are not buying a home for the first time. For the first time, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased.

 

In order to qualify for the credit, all contracts need to be in effect no later than April 30th, 2010 and close no later than June 30th, 2010. The amount of income someone can earn and qualify for the full amount of the credit has been increased. 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. Single filers who earn $145,000 and above are ineligible.

 

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than the cap can receive a partial credit; however, joint filers who earn $245,000 or more are ineligible for the tax credit.

Details of the new credit are unclear and will be worked out during the coming weeks. Documentation needed to claim the credit are being changed as well. 

 

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