In my work with real estate clients at NT Callaway, both buyers and sellers, there have been many questions on the extension of the first-time Home Buyer Tax Credit. With the extension to April 30, 2010, the credit is still an attractive factor in making a move in today's tough real estate market. I found this article on a Wall Street Journal blog that gives a good summary of how it works. Some key points to highlight are:
- buyers may be under contract by April 30 and still qualify so long as the closing is within 60 days.
- the credit phases out for home buyers with incomes above $125,000 for single filers and $225,000 for married couples.
- homes that cost more than $800,000 are not eligible for the credit.
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I found this article on a Wall Street Journal blog that gives a good summary of how it works. Some key points to highlight are:chrome extension development
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