The Worker, Homeownership, and Business Assistance Act of 2009 was extended through April 30, 2010. This tax credit of up to $8,000 is for qualified first-time home buyers purchasing a principal residence. The tax credit applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns. The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.
Click here for questions and answers that will provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.
If you qualify and would like to take advantage of the tax credit at a time when mortgage rates and home prices are low,
contact us today. It's a fantastic time to buy a home in the Cumming, Alpharetta and Lake Lanier area. Visit our website at
www.VanderhoffRealEstate.com and search all available listings in the area. We'd love to help you find your next home.
Labels: 8000, buyer, first time, home buyer, tax credit
