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Tax credit extended

Posted: November 6, 2009 7:59 am.

As it now stands, the federal tax credit will be 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 be eligible for a tax credit
of up to $8,000, while existing homeowners will be eligible for a reduced credit
of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have
lived in their current residences for at least five years. The bill also
increases the qualifying income limits from $75,000 for single tax filers and
$150,000 for joint filers to $125,000 and $225,000, respectively. The purchase
price of the home is capped at $800,000 in both instances.

Under additional provisions included in the bill, taxpayers can claim the credit
on purchases completed in 2010 on their 2009 income tax returns. The legislation
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.

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