Breaking News from the Baird & Warner website......
There are new qualifying income levels....good news for many more Americans than ever before!!
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President Obama today signed into law an extension and expansion of the homebuyer tax credit.
The current $8,000 tax credit for first-time homebuyers was scheduled to expire on December 1, but will now remain in effect through the end of June 2010. Buyers must sign a contract before April 30 and close by June 30 in order to qualify.
Additionally, a new $6,500 tax credit has been added for current homeowners looking to buy up. Those who have used their home as their primary residence for five consecutive years of the last eight can claim the credit if they close by the end of June.
Congress also boosted the income limit on both tax breaks dramatically. Individuals with earnings below $125,000 will now be eligible (currently $75,000), as well as married couples with income below $225,000 that file a joint tax return (up from $150,000). The credit can only be used to purchase homes that cost less than $800,000.
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