by Nancy on November 6, 2009
Congress has extended and expanded the homebuyer tax credit. The Modifications in column labeled “December 1 – April 30, 2010″ become effective when president Obama signs the bill. All Changes made to the current credit become effective on that date, as well. Source: NAR Issue Brief Homebuyer Tax Credit Changes
| Features |
enacted February 2009 |
December 1 – April 30, 2010 Rules as enacted November 2009
|
First time
Buyer – Amount of Credit |
($4000 married filing separate) |
$8,000 ($4,000 married filing separate) |
| First time Buyer – Definition for Eligibility |
May not have had an interest in a principal residence for 3 years prior to purchase |
Same |
| Current Homeowner – Amount of Credit |
No Provision |
$6,500 ($3,250 married filing separate) |
| Effective Date – Current Owner |
No Provision |
Date of Enactment |
| Current Homeowner – Definition for Eligibility |
No Provision |
Must have used the home sold or being sold as a
principal residence consecutively for 5 of the
previous 8 years |
| Termination of Credit |
Purchases after November 30, 2009
(becomes April 30, 2010 on Date of Enactment. |
Purchases after April 30, 2010 |
| Binding Contract Rule |
None |
So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close. |
| Income Limits (Note: Increased income limits are effective as of date of enactment of bill) |
$75,000 – single$150,000-married
Additional $20,000 phase out |
$125,000 – Single
$225,000 – married
Additional $20,000 phase out |
| Limitation on Cost of Purchased Home |
None |
$800,000
Effective Date of Enactment |
| Purchase by a Dependent |
No Provision |
Ineligible
Effective Date of Enactment |
| Anti fraud Rule |
None |
Purchaser must attache
documentation of purchase to tax return |
For more information about Plymouth Canton area real estate, Contact Nancy Austin
by Nancy on November 4, 2009
Botsford Health Care Continuum designed and developed a community with the priorities of older adults in mind. This community considers your preferences for service, style and choice. This, combined with our in-depth experience and commitment to excellence, forged the vision of the Botsford Commons Senior Community.
A vision of aging that emphasizes respect, dignity, potential and independence provides the cornerstone of the Botsford Commons Senior Community. Recognizing that older adults have needs for different support and services at different times, ranging from exercise classes to extended care, Botsford has established within this community three distinct residential alternatives:
* Condominiums and Apartments
* Assisted Living
* Skilled Nursing
Current condominium listings in Botsford Commons:
by Nancy on November 4, 2009
Here is the latest update to the legislation extending the home buyers tax credit.
The extension was approved by the House of Representatives yesterday afternoon and could be voted on by the Senate as early as Wednesday. Once approved by the Senate, it goes back to the House for final approval and then to the President to sign.
A recap of the extension is below:
The Extended and Expanded Tax Credit agreement includes the following provisions:
Amount: $8,000
Who: First-time Homebuyers — same definition as current law
Amount: $6,500
Who: Repeat purchaser. They must have used a previous home as a principal residence for 5 of the 8 previous years.
$125,000 for single filers/$225,000 for joint filers. Same for both first-time and repeat/move-up buyers Purshased home: $800,000
