Homebuyer Tax Credit Extension Nov. 3rd?
In a statement issued by Harry Reid, the Senate Majority Leader has confirmed that the Congress might approve the extension of the $8,000 homebuyers credit tax scheme and unemployment benefits. The approval is expected to come through as soon as early next week. The scheme, the actual deadline of which was December 01, has been much useful to people in the current financially crunching times.
“The House said that they would accept that (the extension) and that could be done as early as November 3″, Reid said. “That would be a great relief”, he added. Reid also confirmed that a late vote scheduled on November 02 would bring the debate which has gone on for long to an end.
In its current form, the bill would extend the tax credit to the end of April 2010. There are several proposed differences from the current tax credit:
- To qualify, a sales contract would have to be signed by April 30th and the transaction closed by June 30.
- Income limits would be increased from $75k for single people & $150k for couples, to $125k and $225k respectively.
- Buyers who have lived in their current home for the last 5 years would be eligible for up to a $6500 tax credit (or 10% of the purchase price).
- The maximum allowed home purchase price would be capped at $800,000.
- Military personnel, deployed overseas for a minimum of 90 days in 2008 or 2009, would have until April 30, 2011 to claim the tax credit.
- To combat fraud, a HUD-1 Settlement Statement will have to be attached to the tax return to secure the credit.
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