More on Homebuyer Tax Credits in the US
I've previously blogged about the Homebuyer Tax Credit in the US, well, it seems that it has been extended up to April 30, 2010 so those who're thinking of buying their new home should do so by the end of this month. But it doesn't mean that you should cash out by April 10. According to the law extending the Homebuyer's Tax Credit, buyers who have entered into a binding contract has until June 30, 2010 to settle on the contract to get $6,500 tax credit for those who does not qualify as a first time home buyer but can qualify as a long-time resident. Those who do qualify as first time homebuyers can get tax credits up to $8500.
Qualified tax payers have the option to claim the tax credit on their 2009 or 2010 tax returns. Under the new law, there are new restrictions as well such as: dependents are not eligible to claim the credit, credit is not eligible for homes purchased which is more than $800,000, and a purchaser should be at least 18 years old at the time of purchase.
The new law also raised the income limits and those with modified adjusted gross incomes of $125,000 to $225,00, or 225,000 and $245,000 for joint filers, are qualified for full credits.
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