Update: The House just passed the bill . It is now on it’s way to the President who is expected to sign it no later than Friday.
The Senate passed the bill and now the House is expected to vote on it and pass it today. The really good news for us here in San Francisco is that we can actually take advantage of it this time around.
In order to receive the $8,000 credit you must be a first time home buyer or have not owned a home in the past three years (but there’s more read below). The good news is that they have extended the income limits. Last time around single taxpayers making up to $75,000 and married couples making up to $150,000 could take full advantage of the tax credit. In this new package single taxpayers can earn up to $125,000 and married couples can earn up to $225,000 to receive the full credit. In addition single filers earning up to $145,000 and married couples up to $245,00 will still qualify but for a reduced credit.
In addition if you have lived in your principal residence for at least five of the past eight years you can now also qualify for a $6,500 tax credit.
In order to qualify you must be in contract by April 30, 2010. The credit can be claimed on this years taxes and if your credit exceeds your tax bill the government will send you a check for the difference. Home purchases are capped at $800,000.
Filed under: Buyer Info | Tagged: Michael Novia, San Francisco Real Estate, SoMa Real Estate, SoMa Realtor, South of Market Condos
