Keller Williams Realty Atlanta NEWS: 

Home Buyer Credit To Be Extended and Expanded

The U.S. House and Senate approved an extension of the popular $8,000 tax credit available to first-time homebuyers, plus they added a new credit of $6,500 to homebuyers who have owned their current homes for at least five years. 

The President is expected to sign this bill into law today (11/6/09). 

To qualify, buyers in both groups must sign their purchase agreements by April 30, 2010, and close by June 30, 2010.

Senator Johnny Isakson (R-Ga.) said that “This is probably the last extension”.

IRS Form 5405 is used to apply for the credit, and there are income limitations to qualify.  Also, the purchase does not qualify if buying from a relative or a controlled company or partnership. 

If a homebuyer gets the credit and then sells within 3 years to a relative, the credit must be repaid to the IRS up to the amount of the gain on the sale.

Presented by Leigh Clack, Attorney

Neel & Robinson, Attorney at Law LLC

lenox@neelandrobinson.com

404-705-3690   fax 404-705-3697

22 Lenox Pointe, Atlanta, GA 30324

Keller Williams Realty Voted ‘”Highest Satisfaction For Home Buyers Among National Full Service Real Estate Firms, Two Years in a Row!” By J.D. Power & Associates

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This entry was posted on Saturday, November 7th, 2009 at 12:26 pm and is filed under General, Legal Tips By Neel & Robinson. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.