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:
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.