 Homebuyer Tax Credit Extension & Expansion First Time Home Buyer – Amount of Credit: $8,000 ($4,000 for married couples filing separate) First Time Buyer-Definition of Eligibility: May not have owned a principal residence in 3 years Current Homeowner – Amount of Credit: $6,500 ($3,250 for married couples filing separate) Effective Date – Current Owner: November 7, 2009 Termination of Credit: Must have a ratified contract on or before April 30, 2010 and close within 60 days of April 30, 2010. Eligible Property: Any single family residence (including condos, co-ops and townhouses) that will be used as the primary residence. Income Limits: $125,000 – single $225,000 – married Additional $20,000 phase out Limitation on Cost of Purchased Home: $800,000 or less Purchase by a Dependent: Ineligible as of November 7, 2009 Anti-fraud Measure: Purchaser must attach documentation of sale to tax return. Recapture: None, unless the home is sold within 3 years of the purchase. If so, the entire amount of credit is recaptured upon sale. Military Personal: Recapture provision is waived for military personal relocating due to orders. Credit is extended for one year after expiration date for military personnel that are serving outside USA for at least 90 days in 2009 or 2010. Search for your new home with Mark Noneman #1 Advantage Realtors (260) 452-8778 www.MarkNoneman.com
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