Saturday, February 6, 2010

Homebuyer Tax Credit Expanded and Extended through April 30, 2010!

The revised tax credit has several rules that were not outlined in the previous legislation:
Binding Contract Rule. So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Limitation on Cost of Purchased Home. Effective November 7, 2009, there is an $800,000 limit on the home cost.
Purchase by a Dependent. As of November 7, 2009, this is explicitly ineligible for the credit.
Anti-Fraud Rule. Purchasers must now attach documentation of the purchase to their tax returns.
Remember: If the property is sold within three years from the date of purchase, the buyer must pay back the full amount of the credit. This is not a new rule, just a reminder.

1 comment:

  1. It is really nice information. I get a lot of ideas between real estate agents and brokers. Thanks for helping us to know more about this information.

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