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$6,500 Tax Credit for Current Homeowners

The House and Senate passed an extension of the popular homebuyer program that would allow people who have owned their homes for at least five years to buy a new home and get up to $6,500 off their tax bill
The credit would be available for individuals making up to $125,000 a year and couples earning up to $250,000 per year, raised from $75,000 and $150,000, respectively, in the current tax credit.
Purchases must be secured by April 30, 2010 and closings finalized by June 30.
– Single taxpayers with an adjusted gross income under $125,000 (under $225,000 for joint filers) are eligible for the credit’s full benefits. Those with incomes up to $145,000 (single) or $245,000 (joint) may receive partial credits.
– Homes worth $800,000 and under are eligible for the program.
– Members of the military serving outside the United States for more than 90 days will have until June 30, 2011, to qualify for the incentive.
– The program is expected to cost the federal government $10.8 billion.
So to all those people who have been sitting on the sidelines hoping for a tax credit for current homeowners, you are in luck.
For more Information on starting with the home buying process, Contact us at 404-810-1800
 

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