Bookmark and Share
Search Properties

Blogs
 

$8,000 Tax Credit Extension Update

Posted: November 04, 2009





















Obviously, I do my best to keep my ear to the grindstone, and keep y'all informed of the latest and greatest in Southwest Florida's local Real Estate Trends.  Recently there has been a lot of buzz about the $8,000 tax credit extension.  Not extending the tax credit could adversely effect the upward home sale trend in Bonita Springs, Fort Myers, Estero, and Bonita Springs. 

Here is the latest on the $8,000 tax credit courtesy of Linda Goold, NARs tax counsel. 

The Extended and Expanded Tax Credit agreement includes the following provisions:

     Amount:  $8,000
     Who:  First-Time Buyers--same as definition as current law

     Amount:  $6,500
     Who:  Repeat Purchasers.  Must have used previous home as a principal residence for 5 of the 8 previous years

     Income Limits:  $125,000 for single filers/$225,000 for joint filers.  Same for first-time and repeat/move-up buyers


     Limitation on cost purchased home:  $800,000

     Time Frame:  December 1, 2009 to April 30, 2010 plus a 60 Day extension if binding contract is in place by April 30, 2010

Antifraud measures have been added.

NAR will be monitoring the progress and any potential changes to the bill.
NAR will send out a notice when a vote has occurred.  There has not been a final vote as of yet.

Comments(0)

Post a comment
Name :
Email :
   
   
    Please enter the text you see in the image above
   
 
Copyright 2009 Encompass Group
Listing information provided by

The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program (BR Program) of M.L.S. of Naples, Inc. Properties listed with brokerage firms other than Downing-Frye Realty, Inc. Realtors are marked with the BR Program Icon or the BR House Icon and detailed information about them includes the name of the listing brokers. The properties displayed may not be all the properties available through the BR Program.