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It’s official – the 1st time home buyers tax credit has been extended

November 10th, 2009 · No Comments · first time home buyers, Tax credit for first time home buyers in Macomb County MI, tips for home buyers, Up to $8000 1st time home buyers tax credit

After much back and forth, and preliminary hype about the extension of this tax credit, we can now confidently write to our local consumers about this bill being signed by the President.

The 1st time home buyers tax credit HAS been extended, and there is also a tax credit for those who already own a home yet wish to sell it, and purchase another.

Below is a quickie FAQ about the credit:

Key dates: November 7, 2009 through April 30, 2010

Amount of First time home buyer tax credit: 10% of the purchase price up to a maximum of $8000

Current homeowner tax credit: $6500 or $3250 if married filing separately.

Binding contract rule: Must have written binding purchase contract by April 30, 2010 and close by July 1, 2010.

Anti fraud rule: Must attach proof of purchase documentation.

If you have any questions about how this newly extended tax credit may apply to you and your Macomb County MI home purchase please don’t hesitate to call or email me.  No pressure – just conversation.

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