Home Buyer Tax Credits Expire
The most recent tax credit for first time buyers or repeat home buying families has expired. With the Worker, Homeownership, and Business Assistance Act of 2009, President Obama instituted a multifaceted step towards the continuing economic recovery efforts. The Act extended home buyer tax credit deadlines for buyers who had entered binding sales contracts signed by April 30, 2010. This credit applied to transactions that took place on or after January 1, 2009, were signed by April 30, 2010, and closed by September 30, 2010. An $8,000 tax credit was available for qualifying first time buyers wile $6,500 was available to families who wanted to upgrade to a new house after living in their same residence for at least five years.
An extended home buyer tax credit is still in place under the Act for members of the uniformed services currently stationed overseas. Men and women in the service of the United States may qualify for a one year extension if 90 days of their service occurred between January 1, 2009 and May 1, 2010.
Impact of Home Buyer Tax Credit Expiration
While these particular temporary home buyer tax credits have expired, as part of the government’s ongoing economic recovery plans, information still remains on the stipulations and impact of these credits and how buyers can find out if they are still eligible. Integrity First Financial Group keeps you up to date on all government incentives to instigate real estate purchases throughout the nation. Subscribe to our newsletter or one of our social media networks to get the latest real estate news about home buyer tax credits.
