The President signed the bill to extend the homebuyers tax credit. The bill not only included an extension but also added credits for "non first time homebuyers".
The $8000 first time buyer credit was extended to purchases made from January 1st, 2009 - April 30th, 2010. The original expiration date was November 30th 2009. The credit is available to individuals that did not own a principle residence in the United States 3 years prior to the purchase of a home.
The new provision in the bill includes a credit for people that have lived in their former home for an extended period. If you purchase a new home and have lived in your previous home consecutively for 5 of the previous 8 years, you would be eligible for a credit of $6500.
One of the most important parts of this new bill is that the first time homebuyers credit for military personnel that have extended duty service outside of the US for at least 90 days from 12/31/08 - 5/1/2010 is extended another year until April 30th 2011.
So those of you PCSing to Patrick AFB, from overseas, in the next few, years will be able to take advantage of this tax credit.
The income limits on the tax credits are $125,000 - single and $225,000 married.
The government has added some anti-fraud provisions - you'll need to include you closing statement with your tax return.
John S Murphy is a full-time REALTOR® with RE/MAX Elite in Melbourne, FL. He is also the creator of www.AmericanAirmanhomes.com, a website that specializes in PCS, DOD, and Civilian relocations to Patrick Air Force Base, FL. --- Doing a home search? Visit his website and search the entire Brevard County MLS.
John S Murphy
Certified Distressed Property Expert