NEW: Enhanced Tax Credit Provides Outstanding Opportunity for First-Time Homebuyers
The American Recovery and Reinvestment Act of 2009 provides a tax credit up to $8,000 for first-time homebuyers - Now extended through April 30, 2010. Here are some key items:
New! - Enhanced Tax Credit Now Provides Opportunity for Long-Time Homeowners
New legislation, the Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts.
The new law:
For the first time, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filling separately). They must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased.
Plus - Individuals and couples with higher incomes can now qualify for the credit!
Please visit www.irs.gov for additional and updated information on this exciting opportunity for First-Time Homeowners, and now Long-Time Homeowners.
Please consult with your tax advisor to determine if this program is right for you.