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Updated: 2:31 PM Nov 18, 2009
First Time Home Buyer Tax Credit Extended & Expanded to More Buyers
The Federal Government extended the first time home buyers tax credit, and expanded it to include more home buyers.
Posted: 7:31 PM Nov 17, 2009Reporter: Sylvia Petty Email Address: sylvia.petty@wibw.com |
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TOPEKA, Kan. (WIBW) -- The Federal Government extended the first time home buyers tax credit, and expanded it to include more home buyers.
The act was slated to expire in just a couple of weeks on December 1st, but now buyers have until April 30th of 2010, or June 30th to close, as long as a binding sales contract was in place.
But one of the biggest changes to the act is its expansion to home buyers like Greg and Staci Brown.
They will be buying a new home under the new “Move-Up” purchaser clause.
It offers up to a $6,500 tax credit for single or couple purchasers of a home, who have owned a home for five consecutive years in the last eight years.
Greg said they just made the deadline to qualify. “This past October marked five years for us in our home.”
Like the first time home buyer credit, there are income qualifications, but they are the same for both groups.
Now in purchases after November 6th, couples buying a home can make up to $225,000 a year combined; individual purchasers can make up to $125,000 a year.
Both of these credits are limited to home purchases of $800,000 or less.
Jeanine Wells, the President of the Topeka Area Association of Realtors, said buyers in North East Kansas can get a lot for their money.
“You can get a lot of home for $800,000. Topeka is one of the most affordable markets in the nation,” she said.
As a realtor, Wells said she was glad to see the tax credit expanded to more than first time home buyers.
“It opens it up to a lot of home buyers.”
But Wells said those looking to buy and take advantage of the credit shouldn’t wait around, expecting another extension.
“We've been told, Congress said this is it. We're not going to extend it anymore. If that's true, this will be the last time for people to get that tax credit."

