The Extended and Expanded
Home Buyer Tax Credit
The Unemployment Compensation Extension Act H.R. 3548
The Extended and Expanded Home Buyer Tax Credit
- Maximum credit of $8,000 for first-time home buyers. $6,500 for eligible current homeowners.
- Full amount of credit available for individuals with adjusted gross income of no more than $125,000, $225,000 on a joint return (Additional $20,000 phase out).
- Limit to homes $800,000 or less.
- Must have signed sold contract by April 30, 2010. You have until July 1, 2010 to close on the property.
Information taken from the Tax Credit Features chart from the Realtor.org website. The chart can be downloaded by clicking here.
Why You Need to Take Advantage of this Credit?
- Available for a limited time, expires April 30, 2010
- No need to repay - Free Credit
- Allows current home owners to move-up or down in home value
- Great time to sell as more buyers are able to purchase homes
Have Questions about the Extended and Expanded
Home Buyer Credit?
Click here to view a detailed list of FAQs prepared by NAR tax counsel Linda Goold. If you still have questions, contact Shorewest, REALTORS® today to see how you can take advantage of the Unemployment Compensation Extension Act in your real estate experience.
Have Questions about the Original $8,000 Home Buyer Credit?
Click here to view a detailed list of FAQs prepared by NAR tax counsel Linda Goold. If you still have questions, contact Shorewest, REALTORS® today to see how you can take advantage of the Unemployment Compensation Extension Act in your real estate experience.