Tuesday, October 27, 2009

Home buyer tax credit

As of a few days ago the home buyer tax credit seemed doomed. It would appear that the NAR and the home builders have done some serious lobbying because now it looks like it is going to be extended AND expanded.

Snagged from Calculated Risk


From Bloomberg: Senate Close to Deal Replacing Homebuyer Tax Credit

The details:
  • Income eligibility for first-time home buyers stays at $75,000 for individuals and $150,000 for couples.
  • For move-up buyers, income eligibility is $125,000 for individuals and $250,000 for couples.
  • There is a minimum 5 year residency requirement in their current home for move-up home buyers.
  • The tax credit is the lesser of $7,290 or 10% of the purchase price.
  • The credit runs from Dec. 1, 2009 to April 30, 2010, with an additional 60 day period to close escrow. (So end of April to sign contract, end of June to close escrow)
  • Expect bill to be signed by Friday.

  • I guess I should be happy (since I will qualify for a credit under these terms), but I don't. It makes me feel all dirty like I just had sex with a cheap hooker..... (not that I've ever had sex with a cheap hooker btw).

    4 comments:

    Martin Burtin said...

    "It makes me feel all dirty like I just had sex with a cheap hooker..... (not that I've ever had sex with a cheap hooker btw). "

    You could probably scratch that off your bucket list, over at Angels Cocktail Bar parking lot. (Just a guess, not that I've ever...)

    golfer_X said...

    The credit is already changing. Now it's back to $8k for new buyers and down to $6500 for move up buyers. By the time this is done the move up buyers may be eliminated again. Happened last year probably happen again.

    Todd said...

    From: http://www.cnn.com/2009/POLITICS/10/28/senate.homebuyers.credit/index.html

    "Senators have not agreed on how the tentative deal would come up for a vote, but sources from both parties said they are considering adding the housing credit to a bill that would extend unemployment benefits."

    Why do they have to sneak everything in with something else like they are trying to hide something?

    golfer_X said...

    As of today the credit is moving along. It is still $8k for newbies and $6500 for move up buyers .