Obama set to sign a big tax break for homebuyers

Date: Nov. 6th, 2009
Contact: National Association of Realtors

Tax Credited Extended - The bill extends the current $8,000 first time homebuyer tax credit (which was due to expire at the end of November) through April, 2010. It also includes a tax credit of up to $6,500 for qualified move up buyers and increases the borrower income limits for both credits to $125,000 for individuals and $225,000 for couples.

Homebuyers will qualify for the full credit as long as they have entered a binding contract by April 30, 2010 and they close the transaction by June 30, 2009. The tax credit is limited to homes with a purchase price of $800,000 and below. The bill also includes anti-fraud language that gives the IRS the authority to do greater oversight during the processing of the return. To view a summary chart provided by the National Association of Realtors CLICK HERE