Tax Credit Extended and Expanded

Congress has extended and expanded the homebuyer tax credit. The modifications in the column labeled “December 1 – April 30, 2010” become effective when President Obama signs the bill. All changes made to the current credit become effective on that date, as well.

First-time home buyers will continue to receive up to an $8,000 tax credit through April 30, 2010. Current homeowners who are "moving up" to another home can receive a tax credit of up to $6,500 if they meet certain criteria. For both the expansion and extension, the sales contract needs to be fully accepted by April 30, 2010 and must be closed by June 30, 2010.

If you have any questions about the extension or expansion, please give me a call.