Phoenix Real Estate Home Buyer Tax Credit Information

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns. The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.

See the following Phoenix Real Estate home buyer tax credit  Q&A in which provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.

About the author: Ron Wilczek has been a Real Estate Agent since 1999 and the broker/owner of Metro Phoenix Homes since 2009. He represents clients in resale, new home construction, investment homes, and multi-family investments. He has been an avid blogger since 2008 concentrating on the Phoenix Housing Market with his “Facts, no Fiction” style.

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