Harrisonburg Real Estate Guru

Homebuyer Tax Credit Extended and Expanded

November 17, 2009 on 4:33 pm | In Harrisonburg Virginia Real Estate, Harrisonburg a Great Place To Live, Work, and Play, Help For Home Buyers and Sellers | No Comments

Harrisonburg Real Estate News and Commentary You Can Use

The Unemployment Insurance bill President Obama signed on November 13 included included a change critical for Realtors^®: An extension of the $8,000 homebuyer tax credit. Income limits have been raised, and now some existing homeowners can also claim a credit if they buy a new home.

The basics:

• To claim any credit, buyers must have a contract by April 30, 2010 and close by July 1, 2010.
• The income limit has been raised to $225,000 for couples.
• First-time buyers can claim an $8,000 credit, as before.
• Buyers who already own the home they are selling (or have sold), and have lived there for five of the past eight years can claim up to a $6,500 tax credit (on homes worth $800,000 or less).
• Both credits apply only to primary residences.

More information from Virginia Association of Realtors

Barry Suttles – Realtor

540-246-5666 anytime mobile

New Homes Group – Kline May Realty

http:\\www.BestValleyHomes.com  

Your email: