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Replies (6)
- Brandon Nelson, "TheNelsonGroup"
- Contributions:151
You should be eligible for the $6500 tax credit.
- Janice Hooper, "Janice Hooper"
- Contributions:23
Thanks, we had been told that it had to be purchased between Nov 7 09 and April , 2010
The tax credit has been extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a reduced credit of up to $6,500 if they have lived in their current residences for at least five years. The bill also increases the qualifying income limits to $125,000 for single tax filers and $150,000 for joint filers. The purchase price of the home is capped at $800,000.
Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.
Hope that helps.
The tax credit has been extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a reduced credit of up to $6,500 if they have lived in their current residences for at least five years. The bill also increases the qualifying income limits to $125,000 for single tax filers and $150,000 for joint filers. The purchase price of the home is capped at $800,000.
Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.
Also check with your tax consultant and/or financial advisor
- Michael Emery, "MikeEmery"
- Contributions:7298
I'm guessing that by now herbieandjanice found out they didn't qualify for the 2nd tax credit as their second home was purchased prior to November 6th 2009.
But....I thought I would correct that little bit of misinformation.
But....I thought I would correct that little bit of misinformation.
- Janice Hooper, "Janice Hooper"
- Contributions:23
yep, sad to say, we found out we didn't qualify.
Tax Rebate for new home
Thanks,
Janice
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