Seattle, Are You Ready For The Newest Adjustment To The Home Buyer Tax Credit?
New Tax Credit Take Three!
The newest version of the Housing Credit is finally finalized! There has been lots of speculation, but Obama signed the newest housing credit into law so it is official now. There are some surprising changes that open up the world of credits in 2009 for buying a house to many more people. Here is what you need to know:
The current first time home buyer $8000 tax credit is extended to April 30, 2010 and you have on top of that an additional 2 months to close on the property after that (close by July 1st, 2010). Income levels have been raised to modified adjusted gross income (MAGI) of $125,000 for singles (up from $75,000) and $225,000 for married (up from $150,000). An additional credit has also been approved for purchasers of new homes regardless of first time home buyer status as long as they have lived in their current primary residence five of the last eight years. This credit is for $6500 and seems to have the same deadlines/MAGI requirements.
The $6500 credit for “move up” buyers does seem to be retroactive for all year, but I have not found a specific sentence on either the government page or the IRS page to tell me whether or not this is true. The IRS tax form has not been updated online yet so I can’t go to the form and see there yet, but I will update this once I verify that if you bought your home in 2009 and other wise qualify it is retroactive regardless of when this bill went into effect. (Stay tuned)
You can find the official bill here - it was written into an unemployment bill so scroll down a bit: http://thomas.loc.gov/cgi-bin/query/D?c111:5:./temp/~c111dG8SpH::
Please do email me if you want more info or are interested in Seattle real estate. We have agents that specialize in every area of Seattle neighborhoods and suburbs and would love to help! courtney@cooperjacobs.com
$8000 tax credit, Seattle Real Estate 2010, Seattle Washington Real Estate, seattle neighborhoods
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Seattle Real Estate, seattle tax credit
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