First-Time Homebuyer Tax Credit Extended & Expanded for Repeat Buyers!
President Obama signed into law today an extension and expansion of the homebuyer tax 
credit. The $8,000 First-Time Homebuyer Tax Credit is extended until April 30, 2010. Buyers must be in contract by that date – but have until June 30 to close. Current homeowners who have lived in their home for 5 years can receive a $6,500 tax credit when they purchase another home. Income levels have been raised to $125,000 for single buyers and $225,000 for couples. The purchase price of the home cannot exceed $800,000. There are requirements and limitations. The National Association of Realtors (NAR) published a chart which list the stipulations - NAR Tax Credit Brief.
These new guidelines will help many buyers on Long Island. All combined - the tax credits, reduced home prices, and historically low interest rates make the total cost of buying a home now the lowest it’s been in years - creating an incredible opportunity for you and your family.
Start your search now at www.LIagent.com or use the Quick MLS Search on the upper right sidebar. Call us at 631-493-0542 or CGTeam@CherylGrossman.com.
You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
November 22nd, 2009 at 9:46 pm
I’ve been involved in taxes for longer then I care to acknowledge, both on the private side (all my working lifetime!!) and from a legal standpoint since satisfying the bar and following up on tax law. I’ve furnished a lot of advice and righted a lot of wrongs, and I must say that what you’ve put up makes complete sense. Please uphold the good work – the more people know the better they’ll be outfitted to cope with the tax man, and that’s what it’s all about.