The following is an excerpt from an article on Zillow.com about the tax credit deadline. If you are selling your own house, don’t forget to have information available for your prospective buyers on why this is a great time for them to buy your house!
“In what has been urged as a must-have by real estate professionals and builders, the $8000 tax credit for first-time home buyers (previously due to expire Nov. 30), has been extended through April 30, 2010, according to the Associated Press. Not only has it been extended, but it has also been expanded to include more buyers.
Details on Tax Credit Extension:
- $8000 tax credit for first-time homebuyers extended for buyers who sign a contract by April 30, 2010 (and who close by the end of June).
- $6500 tax credit offered to homebuyers who have lived in their current residence at least five years and who want to “trade up” (buy a new primary residence).
- Couples earning as much as $225,000 a year and individuals earning up to $125,000 would qualify (up from $75,000 for individuals and $150,000 for couples).
- Tax credit not applicable for those buying homes worth more than $800,000.
- Those who sell their new home or stop using it as their main residence within three years would have to repay the credit.”
To read the whole article, visit Zillow.com.
