While banks and law firms benefit from the billions of dollars and tax-payer bail-out money, many citizens have been wondering, “What about us?” Earlier this year, legislation was signed into law allowing for first time home buyers to be eligible for up to $8,000 in tax relief. This programs has helped thousands of first time home buyers to get off the fence and purchase a home. This tax credit was due to expire on Nov. 30th, 2009. Recently, law makers heard the call of the people and legislation has again been passed no only extending the tax credit, but actually expanded the program by doubling the income levels AND allowing “move ups” to participate in the programs as well. Details are as follows:
- First time home buyers have until April 30, 2010 to purchase or have a home under contract
- Income levels have increased to $145,00o single filers and $225,000 for joint filers.
What is a “Move Up Buyer?” A move up buyer is someone who has lived in their present home for 5 years and wishes to “move up” to a larger home. Those who qualify for this program will receive up to $6500.00 in tax relief for fiscal year 2010. This also runs through April 30th, 2010.
With historic low interest rates, plenty of home on the market, and money back in your pocket, how can you not consider purchasing a home!
