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Redfin Real Estate Forums :
Los Angeles :
Tax Credit Extended through April 30th 2010
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Tax Credit Extended through April 30th 2010
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Mili
Contributor
Posts: 39
Registered: 12-02-2008
Message 1 of 7
Viewed 737 times
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LATimes Article link The Basics: $8000 tax credit for new buyers $6500 tax credit for existing homebuyers* $125,000 income cap for individuals $225,000 income cap for couples Welcome to the next level of purgatory, please make yourselves as comfortable as possible while we obliterate your hopes of affordable housing! *(must have lived in current residence for at least 5 consecutive years out of the last 8)
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11-04-2009 05:35 PM
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Re: Tax Credit Extended through April 30th 2010
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Bruin99
Regular Contributor
Posts: 133
Registered: 06-25-2009
Message 2 of 7
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Passed by the senate, it has not yet been approved by the House but is expected to. Techinically I guess they could alter it. They added this new to it as well, which I didn't see before in the previous version: "The tax credits apply to home purchases of $800,000 or less"
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11-04-2009 06:23 PM
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Re: Tax Credit Extended through April 30th 2010
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FindMeAHome
Regular Visitor
Posts: 1
Registered: 04-04-2009
Message 4 of 7
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When does the new income limit takes effect? If a house was purchased in october and buyer did not qualify for tax credit due to the high income, but now qualifies since income limit is expanded will he be able to claim the credit in 2009 tax?
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11-04-2009 09:41 PM
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Re: Tax Credit Extended through April 30th 2010
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endlessfall
Regular Contributor
Posts: 296
Registered: 12-02-2008
Message 5 of 7
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What is this "$6500 tax credit for existing homebuyers*" ? it has nothing to do with buying around these times, right? Simply a gift for existing homeowners when they file tax return, right?
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11-05-2009 08:45 AM
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Re: Tax Credit Extended through April 30th 2010
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NewToCA
Visitor
Posts: 3
Registered: 09-24-2009
Message 7 of 7
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We closed on november 30th. we owned the condo we sold for 6 years. are we eligible for the tax credit? or does it start december 1st? thanks
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11-05-2009 08:14 PM
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