Home buyer tax credit extended and expanded to exisiting homeowners!!!

[MR.CJ-7]

This came to my inbox today! More good news for homebuyers!!!

Obama Signs Extended Tax Credit into Law

Expected to contribute approximately $22 billion to the economy, Congress overwhelmingly passed a bipartisan measure this week extending the $8,000 home buyer tax credit to April 30, 2010.

The legislation, which is part of a larger bill that also extends unemployment benefits, was signed into law by President Obama today.

More people are now eligible to take advantage of the law, which includes a $6,500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years.

Income limits for eligible home buyers were also expanded to $125,000 for single buyers and $225,000 for couples, up from $75,000 for individuals and $150,000 for couples. Qualifying home prices are capped at $800,000.

[Corban_White]

Originally Posted by MR.CJ-7

More people are now eligible to take advantage of the law, which includes a $6,500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years.

Got any more info on this part?

[MR.CJ-7]

This program goes into effect 12-1-09 through 4-30-10. Existing homeowners who have lived in their home 5 of the last 8 years who buy a home will be eligible for the $6500 tax credit. It works just like the first time buyer credit where when you file your tax return you take the credit.

I'll dig up more detailed info over the next few days. It's all pretty new at this point. What specific questions do you have?

[Corban_White]

My main question is how do they define 5 years?

[BlackDog]

Awesome! It will take even longer now for the IRS to finsih our refund.

We filed it in August, down payment deferred to this month, when we were to have paid it with the credit.....

March, they say, March will be when I get my tax credit.

[SAMI]

This is good news. Do you know how long the Utah benefits for new home buyers run until?

[moabyj2]

Originally Posted by SAMI

This is good news. Do you know how long the Utah benefits for new home buyers run until?

if you are asking about the Home run grant2, it runs till the end of this month but they have already recieved more applications then funds so it is basically already done.

[SAMI]

Originally Posted by moabyj2

if you are asking about the Home run grant2, it runs till the end of this month but they have already recieved more applications then funds so it is basically already done.

That's a bummer.

[MR.CJ-7]

Sorry, I stepped away from the web for a few days. Yes the Home Run 2 grant has been all used up.

As for how they define 5 years--here is a cut and paste from the program regulations

"Must have used the home sold
or being sold as a principal
residence consecutively for 5
of the previous 8 years"

[Corban_White]

I was a bit unclear I guess. What I am wondering is if they define 5 years as 1825 days or is it more if you lived in your house in 2005 and it is now 2009 is that 5 years. If you don't know that's no big deal, just wondering.

[MR.CJ-7]

2005-2009=4 years. I"m in the same boat. I moved in March of '05. Therefore in March of '10 I could take advantage of the program since it ends April 30 2010, assuming I sold after my 5yr anniversary date.

I've never seen any mention of number of days, but I'll dig a little bit more to be sure there isn't a stipulation like that.

[ChestonScout]

This is really good news for me!


Even if obama is just pulling money out of his a$$


As long as they keep selling new homes, I will have a job!

[Corban_White]

Originally Posted by MR.CJ-7

I've never seen any mention of number of days, but I'll dig a little bit more to be sure there isn't a stipulation like that.

meh, even if they go by months I still won't be able to do it.

[ChestonScout]

so does anyone know if people are going to have to pay this credit back?

Ive been in my house 5 years.........I do want a place with a shop......


hmmmmmmmmm

[moabyj2]

you do not have to pay it back. it is a tax credit.