First Time Home Buyer Tax Credit Extended - Indianapolis

Posted by Mike Taylor on Wednesday, November 18th, 2009 at 8:53am

I am sure everyone has heard that the tax credit for first time home buyers has been extended and expanded so I thought I would post the main bullet points of the new bill as well as a quick reference guide for the first time homebuyer tax credit for Indianapolis home buyers.  The main bullet points are:

•    Contract must be signed by 4/30/10 and close by 6/30/10.
•    First-time homebuyers (not owned a home in the last 3 years) will receive an $8,000 tax credit.
•    A $6,500 tax credit will to buyers is they owned their current home for at least five consecutive years in the previous eight years.
•    Individuals with income under $125,000 will qualify.  Couples with income under $225,000 will qualify.  This is up from $75,000 for singles or $150,000 for couples.
•    Taxpayers would be able to claim the credit on their 2009 income tax return for purchases made in 2010.
•    Maximum purchase price is $800,000.

And below is a good quick reference sheet that compares the old and new tax credits:

 new_tax_credit_2146

If you have any further questions about the first time home buyer tax credit as it relates to Indianapolis real estate, please feel free to call or email me anytime.