The Criscitos

Senate approves tax credit extension, expansion

For more information go to http://www.buymiami.net/

Click Here to view and print a one page PDF that describes the changes

From the Associated Press: Dave Dieter/Huntsville TimesThe Senate on Wednesday passed legislation to extend the $8,000 home buyer tax credit to May 1, 2010, for first-time buyers and add a $6,500 tax credit for repeat buyers if they've lived in their home for five of the past eight years. Home prices are capped at $800,000.

The legislation was included in a bill to extend unemployment benefits and is expected to be passed by the House today or tomorrow. President Obama is expected to sign the legislation when it's sent to his desk.

Under the bill, income limits are expanded to $125,000 for individuals and $225,000 for joint filers. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.

Households who have binding contracts in place by April 30 will be allowed an additional 60 days to complete their transaction. The deadline for members of the military serving out the U.S. for at least 90 days between Jan. 1, 2009, and May 1, 2010, has been extended one year.

Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a check. Taxpayers will be able to claim the credit on their 2009 income tax return for purchases made in 2010.

Source: http://blog.al.com/breaking/2009/11/senate_approves_tax_credit_ext.html
By Gina Hannah

Labels: approves, credi, expansion, miami beach, real estate, Senate, south beach, t extension, tax

posted by The Criscitos @ 9:33 AM