Home Buyer Tax Credit Extended and Expanded

The federal tax credit program (extension and expansion) for home buyers was signed into law on Nov. 6, 2009. You saw a previous e-mail from CABR on this matter on Nov. 5.

That, plus you may have seen articles in the Cincinnati Enquirer, other media, NAR and OAR. As you know, the extended and expanded program is available to both first-time buyers AND existing homeowners (who qualify).

There are income limits. The tax credit is available for “principal” residences only (vacation homes and rental properties are excluded). Maximum purchase price is $800,000.

Click on the link below to access the Internal Revenue Service (IRS) most recent memorandum on this subject matter.

IRS is currently updating related info, but for now, click below: http://www.irs.gov/newsroom/article/0,,id=204671,00.html?portlet=7

Also, click below on the PDF from NAR. It’s “frequently asked questions” regarding the tax credit changes.

tax credit PDF