Home Buyer Tax Credit Is Extended & Improved

The $8,000 tax credit is extended to all contracts in effect by April 30, 2010 and must close no later than June 30, 2010.  The income limits have been increased from $75,000 if you are singled to $125,000 and from $150,000 if you are married to $225,000. 

Also, if you have owned and occupied a home as a primary residence for 5 years in the past 8 years you are eligible for up to $6500. 

The maximum purchase price is $800,000.  The article below has some additional information along with 2 items I wasn’t aware of below but the most important part of the article in my opinion is this, “Slow down: Real estate agents and sellers might put pressure on you to make a buy before the deadline, but Coet warns, “Don’t go and make a bad decision.”

Military bonus: Members of the military who served more than 90 days outside of the United States have a one-year extension and have until 2011 to buy their home, says Meighan.

Not just for homes: “There’s a lot of focus on the home…but an RV or motor home qualifies as well,” said Meighan, who is also a certified public accountant. Besides RVs and motor homes, he says that you can qualify even if you buy a houseboat, as long as they are used as primary residences.