On October 28, 2009, Senators agreed to extend the deadline until the end of April. Here’s how it works: As long as you have a signed sales agreement by April 30, 2010, and close on your new home by the end of June, 2010, then you will still be eligible.
The amount of the tax credit will be based on the purchase price of your home. If your new home costs $80,000 or more, then you will qualify for the $8,000 rebate.
If your new home is less than $80,000, then you will receive a rebate of 10% of the value of the home you purchase.
For instance, I recently sold a home in Pasco County for $56,900. That home buyer would qualify for a tax credit of $5,690.
In order to receive the money faster, you can do a n Amended 2008 Tax Return this year. The other option is to simply have the rebate be part of your 2009 Tax Return.
There are many rumors flying around that you can get this money to use as a down payment to purchase a home. So far, that has not been approved, as you must purchase a home before you apply for the rebate.
The extension of this rebate is AWESOME news! Please feel free to call me if you would like to find out what you need to do in order to purchase your new home before April 30, 2010. I’m always here to help!