First time home buyer tax credit extension for income limit ?

July 7th, 2010 | by Rarzi |

Hi,

We closed on a home in Oct 2009. The new extension of tax credit has a income limit of 225k for couples. Will we qualify for that limit or will the limit be 150k for us ? Please let us know.

Thanks

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  1. 4 Responses to “First time home buyer tax credit extension for income limit ?”

  2. By Judy on Jul 7, 2010 | Reply

    I haven’t seen the text of the new bill, and actually it’s not law until it’s signed although that’s likely to happen quickly. But odds are that the extension just applies to closings after Nov 30, and that the old limits will apply to you.

  3. By tro on Jul 7, 2010 | Reply

    the law hasn’t passed yet
    you will probably file your 2009 return with the form 5405 as you would normally

  4. By Wayne Z on Jul 7, 2010 | Reply

    Probably not.

    My guess is that the new credit will become effective after 11/30 if it is passed.

  5. By Charles on Jul 7, 2010 | Reply

    I’m in the same boat you are and I’m 99% sure we will get the full $8,000. The bill is an amendment to the previous bill such that the start date remains the same and the end date of “before Dec 1st” is replaced by the extended period. Here’s the text of the amended income limits:

    (2) INCOME LIMITATION- Subsection (b)(2)(A)(i)(II) of section 36 of such Code is amended by striking ‘$75,000 ($150,000’ and inserting ‘$125,000 ($225,000’.

    So this is not a new bill that is introduced starting Dec 1st, this is an immediate amendment to the current law, so it covers anyone from 1/1/2009 on. Here’s the full text of the bill:

    http://www.govtrack.us/congress/billtext.xpd?bill=h111-3548

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