Realty Check
#DIANAOLICK ON TWITTER
- Forty States Sign On to Foreclosure ‘Robo’ Settlement
- Running Robo-Settlement Numbers
- Own vs. Rent Riles Government Housing Policy
- Obama's Mortgage Refi Plan to Go Through FHA
- Housing Demand Defies Fundamentals
- US Treasury Forcing Mortgage Principal Forgiveness
- Robo-Reality: Final Foreclosures Fall as Pipeline Swells
- New Financial Crimes Unit Could Throw Wrench in ‘Robo’ Settlement
- President Obama Proposes Mortgage Refinances for 'Responsible Borrowers'
- State of the Union Preview: Housing and Fairness Don’t Connect
MOST SHARED
- Greece Talks, Earnings Will Keep Markets on Edge
- How to Date a Wall Street Man
- Rio Tinto Says $3.4 Billion Earmarked for Iron Ore Boost
- Gold Holds Near $1,745 as Greece Buys More Time
- China Needs a Hard Landing to Cleanse System: Fund Manager
- Exuberant Indian Markets Gloss Over Economic Reality
- Cramer's Fave Rail: Union Pacific or Norfolk Southern?
- Qantas Grounds an Airbus A380 Due to Cracks
- Hackers Accused of Attempted Symantec Extortion
- Beijing Office Rents Outstrip New York
- Coke Is a 'Recession-Proof' Stock: Analyst
- Fund Manager: You Need Bond Income and Risk
- Beer Giant Taps Into Cider in a Bid for Growth
- Ahead of Disney’s Earnings: Ads and Cable Revenue at the Magic Kingdom
- How to Date a Wall Street Man
- The Real Cost of Overtime Is Higher Than You Think
- The Five Myths of Private Equity
- Forty States Sign On to Foreclosure ‘Robo’ Settlement
- Coinstar Beats Earnings Forecast on Redbox Growth
- Greece Talks, Earnings Will Keep Markets on Edge
- House Panel Moves to Fast-Track Keystone Pipeline Plan
- China Needs Hard Landing to 'Cleanse' Economy: Pro
- Gold Strength to Continue; Next Target $1,880: Charts
- Qantas Grounds an Airbus A380 Due to Cracks
- Greece Fear Factor May Have Caused Most to Miss Rally
- Four Members Resign From Yahoo Board, Including Chair
- China Buys Up Saudi, Russian Oil to Squeeze Iran
- Nouriel Roubini Is Bullish on Stocks—for Now
RSS FEED
Home Buyer Tax Credit: Final Deal?
Text Size 
CNBC Real Estate Reporter
For those of you keeping score on the first time home buyer tax credit extension, here is the latest:
— The tax credit would be $8,000 for first-time home buyers and $6,500 for move-up buyers (from December 1, 2009 to April 30, 2010).
— Move-up buyers will be eligible, so long as the home they are leaving has been used as their principal residence for 5 years or more.
— The tax credit would sunset on April 30, 2010. However, there would a binding contract rule that will permit those with contracts as of April 30th to qualify for the credit so long as they complete the transaction within 60 days.
— The income limits for both first-time home buyers and move-up buyers would be $125,000 for single return and $225,000 joint return.
— Cost of the home may not exceed $800,000 to be eligible.
— For purchases made in 2010, taxpayers would be able to claim the credit on their 2009 income tax return.
— Home buyers would not have to repay the credit, provided the home remains their principal residence for 36 months after the purchase date.
— The amendment includes a military waiver provision, meaning the recapture provision would not apply in the case of a member of the Armed Forces, military intelligence or Foreign Service who is on qualified official extended duty. In addition, members of the military who have been deployed overseas for 90 days or more in 2008 or 2009 would have until April 30, 2011, to claim the home buyer tax credit.
— The amendment also includes anti-fraud language that provides math authority to the IRS to do greater oversight during the processing of the return rather than waiting for an audit situation. The amendment requires the taxpayer claiming the credit to be 18 or older as well as requiring a HUD-1 settlement statement to be attached when claiming the credit.
AND supposedly, sometime after 11a, the Treasury and HUD Secretaries will officially call on Congress to extend the credit and the higher conforming loan limits.
Questions? Comments?
Data is a real-time snapshot *Data is delayed at least 15 minutes
