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First time home buyers are not
the only ones with reason to celebrate.

The American Recovery and Reinvestment Act of 2009, which was recently extended through 2010, includes the $8,000 credit for first time home buyers through April 2010 and includes a provision which allows current homeowners shopping for a new primary residence to apply for a $6,500 tax credit if they owned their current home for five consecutive years in the previous eight.

Real estate experts think that by including current home owners in the program, the federal government is trying to move the higher end of the real estate market into a more reasonable cycle of buying and selling.  A more “reasonable” cycle is seen as moving into a better home every seven or eight years.  The five-year possession requirement is meant to discourage people from “flipping”  houses  as was common during the height of the real estate market.

Here are the most important provisions to note:

• Purchase contract must be finalized by April 30, 2010 and closed by June 30, 2010.
• First-time home buyers still qualify for up to $8,000 in tax credits; current home owners in their home for at least five years qualify for up to $6,500 in credits
• Homes worth up to $800,000 are eligible for the program
• Individuals with adjusted gross income under $125,000 ($225,000 for joint filers) are eligible for the full credit.  The credit is phased out up to maximum income levels of $145,000 (single) and $245,000 (joint)
• Members of the military serving outside the U.S. for more than 90 days will have until June 30, 2011 to qualify

See the IRS website for more details.

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I hope you have enjoyed this blog.

Until next time,

Tony
201-943-6800

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