If you have been following the news regarding the New Home Buyer Credit, and the recent addition of a credit offered to current home owners, the extention has been on your radar for the past month. You may have some questions about the home buyer credit, because there were some changes and additions to the original legislation.
The Wall Street Journal has a great Q & A article about the credit: The Lowdown on Home-Buyer Tax Credits. The National Association of Realtors also an excellent web article that explains the extended Home Buyer Credit—The Basics: Extended Home Buyer Tax Credit 2009/2010.
Here’s a few highlights of the credit changes:
- The home to be purchased must be under contract by April 30th, 2010 and close prior to July 1, 2010
- Income Levels to Receive Maximum Credit : single buyers up to $125,000; married couples up to $225,000
- Current home owners who meet specific requirements can receive a credit up to $6,500 on a new purchase of a primary residence
If you would like to discuss the home buyer tax credit with a realtor, please call or come by Windermere Mercer Island. An agent would be happy to help answer your questions. The Windermere/Mercer Island office is located at 2737 77th Ave. S.E. Mercer Island, WA 98040 and the office phone number is (206) 232-0446.