German Llanos is the Broker/Owner of 24 Hour Real Estate LLC with offices in Chicago, IL and Miami, FL. He helped over the last 11 years to over 400 clients to buy, sell and lease Real Estate.

TAG: Extension

US$8,000 First Tax Home Buyer Tax Credit extended until April of 2010

Credit buy home
Congress has finally extended the first time home buyer tax credit into 2010. President Obama signed the bill into law yesterday. Here are the specifics so you can see if you qualify:

– You need to have your contract ready by April 10th, 2010
– You need to close on this purchase by July 1st, 2010
– First time home buyers are defined as anyone who has not owned a home for the past 3 years.
– If you will buy in 2009 you will get your US$8,000 tax credit after you file your 2009 Tax Returns in 2010.
– If you will buy in 2010 you will get your US$8,000 tax credit after you file your 2010 Tax Returns in 2011.
– If you own your home for more than 5 years and you want to buy a second one, you will receive a US$6,500 tax credit.
– The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
– The purchase price of the home must be less than $800,000.

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