First time homebuyers who procrastinated about buying Steamboat Springs real estate may not lose out after all. And as an added bonus, current homeowners could be eligible for a new $6500 tax credit. Real estate investors will not benefit.
This tax credit extension and new credit for current homeowners has not passed Congress yet, but it’s looking promising.
Here are the tentative details if the tax credit does get approved:
- First Time Buyers continue to be eligible for $8000 for all contracts entered into by April 30th and closed by July 1, 2010
- Existing homeowners may be eligible for a $6,500 credit.
- To be eligible, existing homeowners have to have lived in their current residence for 5 of the last 8 years.
- Income levels are expected to increase to $125,000 for singles and $250,000 for couples. (They are currently $75,000 for singles and $150,000 for couples)
The plan (as of today) is to tack it on to a bill extending federal unemployment benefits.
The high cost of these tax credits have some lawmakers objecting, so we’ll see how it all unfolds.