THREE TIMES GOOD NEWS!
By: Erika Kaufmann
As you are aware, the first-time homebuyer credit was extended until July 1, 2010 (binding contracts must be entered into on or before April 30, 2010). The credit remains at $8000. This is the FIRST GOOD NEWS! The SECOND is that the phaseout starts at $125,000 (up from $75,000), and $225,000 for Married filing jointly (up from $125,000). Maximum purchase price is $800,000.
The THIRD GOOD NEWS is that individuals who have owned and used the same residence as a principal residence for five consecutive years out of the last eight years can purchase a new principal residence are treated as first-time homebuyers!
The maximum FTHC for these individuals is $6,500 ($3,250 for married taxpayers filing seperately). These homebuyers have to live in the new residence for 3 years. They can keep the previous residence — does not matter what they do with it — rent it out or sell it!
Let’s spread this good news and perhaps help the market rebound a little.
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