For your convenience, here’s just a  few pieces of key information with updated information on the Home-Buyer’s tax Credits:

–The old law has been extended, and now has a DEADLINE of HAVING A WRITTEN ACCEPTED CONTRACT BY THE END OF APRIL  30TH, 2010.  Your new ‘first time’ property MUST CLOSE BY END OF JUNE 30TH, 2010.

–Credit remains at 10% of the pruchase price, up to a maximum of $8000. 

What else is new?

–The price of the house is now capped; no credit is available for any home costing more than $800,000.

–There is a NEW TAX CREDIT FOR REPEAT BUYERS!  If you have lived in your primary residence for 5 consecutive years (out of the past 8 years), you can qualify for a Tax Credit of as much as 10% of the purchase price, up to a maximum of $6500.  The new home does NOT have to cost more than the old one!

–Income Limits for qualifying are roughly between $125,000 and $145 for modified adjusted gross income and $225K-$245K for married couples.

NOTE : The new laws are stringent regarding Fraud!  As with the old law, people taking the Tax Credit are not allowed to buy a home from “a lineal ancestor or descendant,” or “from a spouse or the spouse’s lineal relatives.”

For full article and further details:  http://online.wsj.com/article/SB10001424052748703808904574529512997057836.html?mod=rss_Taxes

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