Idaho $8,000 First-Time Home Buyer Tax Credit Extended into 2010! As Well As A New $6,500 Tax Credit for Certain Existing Home Owners!
Great News !!!!! Idaho $8,000 First-Time Home Buyer Tax Credit Extended into 2010! As Well As A New $6,500 Tax Credit for Certain Existing Home Owners!
The $8,000 tax credit for First-Time Home Buyers has been extended into the first half of 2010. The program was scheduled to expire on November 30,2009.
With this extension in order to qualify for the credit contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
In addition to the extension of the tax credit, the new tax credit allows qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years to be eligible for up to a $6,500 tax credit. This tax credit gives existing home owners incentive to move into a new home.
Along with the the extension and adding existing homeowners to the tax credit the expansion of the tax credit also allows for higher income caps than were allowed under the old tax credit. Now single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. Single filers earning over $145,000 are ineligible. For joint filers who earn up to $225,000 they are eligible for the total credit amount. Joint filers earning over $245,000 are ineligible.
Qualifying buyers may purchase a property with a maximum sales price of $800,000. Mutifamily housing can qualify for the Tax Credit as well. Please speak to your tax advisor for more details.
The changes above are the main changes to the First-Time Home Buyer Tax Credit. If you have any other questions please feel free to contact me and I would be more than willing to discuss them with you.
Andy Radke
Mortgage West
Senior Mortgage Consultant
Direct: 208-859-5825
LoanswithAndy@gmail.com
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