2022 Boise Idaho Real Estate Blog

Tax Credit Extension Gets Congressional Approval

Main Boise Home Loans

President Obama will sign the new tax credit extension legislation very soon. Here are some more details on how the extension is changed.

Here are the main differences in the new legislation to extend the tax credit for purchasing a new home:

$8,000 credit for first-time homebuyers extended until April 30, 2010. To qualify, you must be in contract to purchase a home no later than April 30, and have until June 30, 2010 to close escrow.

$6,500 credit for other homebuyers who have been in their current residence for a consecutive five-year period.

Qualifying income limits to receive the tax credit are $125,000 for single taxpayers and $225,000 for joint taxpayers. This is up from the current $75,000 and $150,000 limits.

Maximum allowed home purchase price is $800,000.

Military personnel who have been recently deployed may be able to claim the credit until April 30, 2011.

This is all good news for the housing market...and for those of you considering a home purchase in the coming months. I will update this blog once all the details on the tax credit become available.

 
Posted by Eric Leigh at 11/6/2009 12:11:00 PM

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