HAR.com
Houston Real Estate Blogosphere
Houston Real Estate Blogosphere brings together all the blog posts of REALTORS from the Houston area in one place
NOV
7
Easy Chart To See If You Qualify For Home Buyers Tax Credits
By John Askins



President Obama has signed legislation to extend the $8,000 home buyer tax credit to May 1, 2010, for first-time buyers and add a $6,500 tax credit for repeat buyers if they've lived in their home for five of the past eight years. Home prices are capped at $800,000.

Under the bill, income limits are expanded to $125,000 for individuals and $225,000 for joint filers. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.

Households who have binding contracts in place by April 30 will be allowed an additional 60 days to complete their transaction.The deadline for members of the military serving out the U.S. for at least 90 days between Jan. 1, 2009, and May 1, 2010, has been extended one year.

Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a check. Taxpayers will be able to claim the credit on their 2009 income tax return for purchases made in 2010.

To see if you qualify for either home buyer tax credit, the National Association of REALTORS has prepared a chart that explains the qualifications...click here.

source:  NAR
Disclaimer: The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®

Post a comment...

To post a comment on this blog post, you must be a My HomeFinder subscriber, or a member of HAR. If you are a My HomeFinder subscriber, please use your e-mail address and password to post your comment. If you are a member of HAR, please use your HAR username and password to post your comment. If you would like to create a My HomeFinder account, please click here.

Here are the full legal terms you agree to by using this comment form.

View other posts from Askins Online Real Estate Blog

About Author

John Askins

Askins Online Real Estate Blog
Visit My Blog
Visit My Web Site
View Housing Trends


About Me
Welcome to Royce Realty, your source for Houston and Texas real estate. If you own property that you are thinking of selling I would be happy to provide you with a FREE Home Evaluation. If you are buyer, in this competitive real estate market, timing is everything. Many good homes are sold before...
Read More...

Royce Realty
4740 Ingersoll # 107
Houston, TX 77027
Phone: (713) 942-9200
Fax: (713) 864-4506



HAR Member Blogs Terms of Use & Content Policy