Home Buyers Tax Credit Extended & Expanded

Great news!

The Worker, Homeownership and Business Assistance Act of 2009, signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts.

Under the new law, an eligible taxpayer must buy a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.

The new law also:

• Authorizes the credit for long-time homeowners buying a new principal residence.
• Raises the income limitations for homeowners claiming the credit.

Members of the military, Foreign Service and intelligence community serving outside the U.S. should also be aware of new benefits in the law that apply particularly to them.

For more information, check out the IRS article here.

Welcome to the new blog!

This blog will be a venue for me to post current information about the local market, as well as listings and real estate related news. You can also find me on Facebook.

One of the biggest questions I have lately, is when does the Home Buyer Tax Credit end? Here are a few articles below that discuss that question.

• Federal Housing Tax Credit Frequently Asked Questions - federalhousingtaxcredit.com
• No Decision Yet on Extending Home Buyer Credit - CNN Money
• Home Buyer Tax Credit May End Sooner Than You Think - Realty Times