News Flash

11/6/09

Extension and Modification of Homebuyer Tax Credit Signed by the President !

• A written binding contract has to be entered into before May 1,  2010 and the closing on that contract must occur prior to July 1, 2010 in order to take advantage of the credit.

• The credit will remain at $8,000 for a first-time homebuyer and will be $6,500 for a home buyer who has resided in their principal residence for a period of not less than 5 consecutive years over the last 8 year period.  Tax credits may be split for tax payers not filing jointly.

• Income limitations-$125,000 for tax payers filing individually and $225,000 for tax payers filing jointly.

• Maximum purchase price cannot exceed $800,000.

There are going to be many nuances and questions regarding each individual's situation which should be addressed by a qualified CPA.

This is very exciting news and  is giving us an opportunity to assist our clients  in fulfilling the dream of home ownership!

Warmest Regards,

Ann & Mo