Karen Arbutine & Associates

$8,000 Tax Credit Extension

Fri, Oct 30, 2009 at 2:23PM

 In the event you have not heard yet, the National Association of Realtors also known as NAR will update the citizens as to the latest news if the $8,000 tax credit will be extended. The National Association of Realtors will be monitoring the progress and any potential changes to the bill.  NAR will send out a notice when the vote is in.  The extended Tax Credit includes the following provisions: $8,000 to First Time Home Buyers $6,500 to Repeat Purchasers of Homes. Must have used previous home as a principal residence 5 of the 8 previous years. Income Limits:  $125,000 for single filers and $225,000 for joint filers. Same for first time buyers and repeat buyers. $800,000 Limitation on cost purchased for a home. Time Frame; December 1, 2009 to April 30th 2010 plus a 60 day extension if binding contract is in place by April 30th, 2010. Also, Anti Fraud Measures have been added as well.  It is looking promising the $8,000 tax credit bill may be extended!

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