MELOI REALTY
Georgi Schafer, Associate Broker ABR, e-PRO, SFR
406 Broad Street , Milford PA 18337
Office:
570.296.3021 Direct: 864.396.8150
PA LIC # AB051575L
|
|
|
|
How the homebuyer tax credit would work: · Tax credit: Ten percent of the purchase price of a primary residence, up to a maximum of $8,000 for first-time homebuyers and $6,500 for repeat buyers who purchase between December 1, 2009 and May 1, 2010. First-time homebuyers are defined as people who have not owned a home in the previous three years. Repeat buyers must have owned their current home at least five years. The credit cannot be used for houses costing more than $800,000. · Deadline for qualifying: Purchase agreements must be signed by April 30, 2010, and closings must be final by June 30. · Military deadline: The deadline is extended by a year for members of the military who have served outside the U.S. for at least 90 days from Jan. 1, 2009, to May 1, 2010. · Income limits: Individuals with annual incomes up to $125,000 and joint filers with incomes up to $225,000 qualify for the full credit. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits. · How to apply: Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a payment. Taxpayers who want immediate refunds can amend their tax returns for 2008 to claim the credit. · New anti-fraud limitations imposed. · Cost: $10.8 billion.
Source: Bloomberg Press and Associated Press and confirmed information with the content of the Senate bill
|
