Home Buyer Tax Credit Extended and Expanded!

As anticiapted, the tax credit for home buyers has been extended and expanded.  It is now in effect until April 30, 2010.  In addition, it not only applies to first time buyers, but has been expanded to include repeat buyers who meet several criteria.

First time buyers still qualify for the 10% credit up to $8,000.  Repeat buyers who qualify will be eligible for a 10% credit up to a maximum of $6,500.

An individual qualifies as a repeat buyer if he or she, or their spouse, owned and lived in a principle residence in the Unites States for five consecutive years within the eight years prior to the closing date.  There are also income restrictions.  To receive the full credit, the buyer's MAGI must be less than $125,000 for an individual or $225,000 for joint filers.  Above that, the credit phases out.

Call me or your tax professional for more information......