Tax Credit for 2009

Tax Credit Extension approved on November 5, 2009

Congress has approved  a measure to extend the $8,000 first time homebuyer tax credit through April 30, 2010, and to increase the income limitation for single purchasers from $75,000 to $125,000 and for married purchasers from $150,000 to $225,000.

Congress has also approved a new $6,500 tax credit for existing homeowners who purchase between the date of enactment, November 6, 2009 and April 30, 2010. Existing homeowners are eligible for the credit if they have used the home being sold as a principal residence for 5 of the previous 8 years. In addition, the purchase price of homes must be less than $800,000 to be eligible.

Source: Howard County Association of REALTORS and the Greater Baltimore Board of REALTORS