2009-2010 New Home Federal Tax Credit information:
11/5/2009
The legislation also extends the $8,000 home buyer tax credit to contracts signed by April 30, 2010 and closed
by June 30, 2010. The credit, which many say has boosted home sales in recent months, was set to expire after
Nov. 30, 2009.
Move up buyers are now included in the credit. The bill also creates a $6,500 credit for those who buy a home
after living in their current house at least five years. That measure would apply to contracts signed by
April 30, 2009 and closed by June 30, 2009. The current credit defines a first-time home buyer as someone
who has not owned a residence within the past three years.
The credit would be available only for the purchase of principal residences priced at $800,000 or less.
Don Belman Homes currently has 7 New Homes Now¨ ready for occupancy that can utilize the credit and 14
Woodland Hills condominiums that qualify. Please hurry as selections and choices are limited. The credit is
also available to new construction contracts however, the home must be completed and closed by
June 30th 2010. If you intend to take advantage of this, please contact your salesperson right away as space
and time are limited.
The bill would raise the adjusted gross income cap to $125,000 for single filers and $225,000 for joint filers.
The amount of the credit currently begins to phase out for taxpayers whose adjusted gross income is more
than $75,000, or $150,000 for joint filers.
"The data on the present home buyer tax credit show that the credit has had its intended impact--
sales have jumped in recent months to a projected 5.1 million for the year and housing inventory has been
trimmed, thus stabilizing home prices noticeably," said Ron Phipps, the association's first Vice President,
in Senate testimony last month. With prices the lowest in recent years, and very favorable interest rates,
now is the best time to purchase a new home.