Tax Credit Extended for First Time Home Buyers…Great News for Myrtle Beach

I am VERY excited to report that Congress has answered our call to extend and expand the homebuyer tax credit!

As of Thursday, November 5^th, both the House and the Senate have passed an unemployment insurance bill, which includes an amendment that expands and extends the tax credit.

That bill will be sent to President Obama for his signature in the next day or so.

When the President signs the bill, the expiration date for the credit will move to April 30, 2010.

First-time buyers who have not had interest in a principle residence for three years are still eligible, and the maximum amount remains the same – $8,000 for married couples, $4,000 for those filing separately.

Current homeowners, who have consecutively maintained the home they want to sell as their primary residence for five of the last eight years, are also eligible. However, the maximum amount for those homeowners is lower: $6,500 for married couples and $3,200 for those filing separately.

The tax credit may not used to purchase a home for more than $800,000.

All buyers who want to get the credit must include documentation of the purchase on their tax returns.

The income limits for both tax credits have been raised to $125,000 for single buyers and $225,000 for married couples.

This is a major victory for consumers and the housing market.