Procrastinators get 2nd chance to buy a home and get up to $8000 from the Govt!
Here is a quick overview of the legislation:
The tax credit is available for purchases before May 1, 2010. Prospective purchasers with binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction.
The tax credit remains at $8,000 for first-time purchasers. No change to definition of first-time purchaser.
There is a new $6,500 tax credit for repeat buyers. Repeat buyers must have lived in their homes consecutively for 5 of the previous 8 years.
Income limits are expanded to $125,000 on a single return and $225,000 on a joint return. Current law $20,000 phase-out retained.