November 2009 Tax Credit Amended

November 6, 2009

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Tax Credit Bill -House extends and amends tax credit to include repeat homebuyers   — $6,500  to buyers that already own a home!

Not only does it  extend the first time Homebuyers credit, but also offers a $6500 credit for people who have lived in their home for the last five years.  Since this is a limited time offer, I would expect this to have an immediate impact on sales for the next six months.  If you have been considering relocating to Sedona, this is a good reason why you might want to act sooner rather than later. Good news and Good Luck! 

Summary of the Tax Bill
How the homebuyer tax credit would work:

·        Tax credit: Ten percent of the purchase price of a primary residence, up to a maximum of $8,000 for first-time homebuyers and $6,500 for repeat buyers who purchase between December 1, 2009 and May 1, 2010.

      First-time homebuyers are defined as people who have not owned a home in the previous three years. Repeat buyers must have owned their current home at least five years. The credit cannot be used for houses costing more than $800,000.

·        Deadline for qualifying: Purchase agreements must be signed by April 30, 2010, and closings must be final by June 30.

·        Military deadline: The deadline is extended by a year for members of the military who have served outside the U.S. for at least 90 days from Jan. 1, 2009, to May 1, 2010.

·        Income limits: Individuals with annual incomes up to $125,000 and joint filers with incomes up to $225,000 qualify for the full credit. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.

·        How to apply: Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a payment. Taxpayers who want immediate refunds can amend their tax returns for 2008 to claim the credit.

·        New anti-fraud limitations imposed.

·        Cost: $10.8 billion.

Source: Bloomberg Press and Associated Press and confirmed information with the content of the Senate bill