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Word that the US Senate passed an amendment to extend the closing deadline for home buyers who qualified for the tax credit pleases realtors. The $8,000 tax break for first-time buyers, which was set to expire at the end of November 2009, would continue until April 30 2010, by which buyers would have to have signed a contractual purchase agreement, but not closed on the sale. Another 60-day cushion beyond the end of April would be allowed to complete the closing. The measure removes the first-time-only stipulation, though, opening the benefit up to existing homeowners who’ve lived in their current residence for at least five years but want to relocate to a new primary residence. The incentive amount for those buyers is $6,500. The income limits for both first-time buyers and existing homeowners would be $125,000 for individuals and $225,000 for couples – up significantly from the current first-time buyer thresholds of $75,000 per individual and $150,000 per couple. The tax break would only be offered on homes priced at $800,000 or less, and beneficiaries who sell the home or stop using it as their primary residence within three years would be required to repay the credit. The housing tax credit expansion was appended to a larger bill that also included an extension of unemployment insurance benefits and provisions that allow companies to apply net operating losses to previous years’ numbers in order to reduce their business tax. IRS WEB SITE |
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