We have great news for St. Petersburg area home buyers who ran out of time to take advantage of the $8,000 first-time home buyer credit. Originally scheduled to expire on December 1st, 2009, the tax advantage has been extended through April 30th, 2010.
Not only is this good news for “first time” buyers (you may remember from my earlier article that the credit is not just for first-time buyers, but is available to those that have not owned a home in the past three years). but the credit has been extended to include a $6,500 tax credit for primary homeowners who wish to trade up. (See buying up for some reasons why that may be a good idea right now).
Here are the details:
- In order to receive the $8,000 credit you may not have owned a home in the past three years before closing on the new property. In order to receive the $6,500 credit you must have owned and lived in your primary residence for five concecutive years during the previous eight years before closing on a new property.
- You must sign a contract on a home by midnight, April 30th, 2010, and close on the property by midnight, June 30th, 2010.
- The income limits have been increased to $145,000 for single filers, and $245,000 for those filing jointly, though to get the full credit single filers cannot make more than $125,000, and joint filers cannot make more than $225,000.
- There is no credit available for the purchases of homes over $800,000.
- If you sell the new home withing three years you will have to repay the credit.
So, for those of you who have been stressed out trying to find a property in time to get the credit this is a welcome reprieve. And for those of you who have been on the fence about buying up, now is the time!
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