Here’s a just-released document from the National Association of REALTORS (NAR) that answers a lot of the questions we’ve been getting here at Kittleman Realty Group from our clients regarding the expanded homebuyers tax credit.

NAR FAQs About New Homebuyer Tax Credit Changes

It’s important to note the income and home purchase price limitations. 

Purchase Price: The credit is available for the purchase of principal homes costing $800,000 or less, period. 

Income: The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.

We’ll post again when the extension is officially signed by the President.

Stay tuned!