Wonderful news for all of you first time home buyers in Northwest Arkansas (well all over the US - however if you are looking in Northwest Arkansas - give me a call!). AND for homeowners that have lived in their home for at least 5 years can now get a tax credit of $6500... YEAH!
INFO on the new legislation passed on November 6, 2009.
The Worker, Home-ownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time home-buyer credit allowed by previous Acts. The new law:
- Extends deadlines for purchasing and closing on a home.
- Authorizes the credit for long-time homeowners buying a replacement principal residence.
- Raises the income limitations for homeowners claiming the credit.
For the first time, long-time homeowners who buy a replacement principal residence may also claim a home-buyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased.
People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after Nov. 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers.
Home-buyers who purchased a home in 2008 or 2009 may be able to take advantage of the first-time home-buyer credit. The credit:
- Applies only to homes used as a taxpayer's principal residence.
- Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
- Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.
Links for more info. on tax credit:
IF you are looking for a home in Northwest Arkansas - give me a call today! Don't wait till the last minute to get in on this "FREE MONEY!"
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