The temporary tax credit for first time home-buyers has been extended. The $8,000 tax credit will continue, but contracts must be in place before May 1, 2010 and close before July 1, 2010.
Income limits are more generous. The credits for single filers now phase out between $125,000 and $145,000 and for married couples between $225,000 and $245,000 modified adjusted gross income.
However, no credit will be given on any home costing more than $800,000.
The credit can be used for single family residences, condos, co-op apartments, and attached or semi-attached townhouses.
You should consult a tax advisor or accountant for full details.
To find out more about more about condos or real estate in Pasadena please visit our agent web site at http://www.DavidandPei.com or you can call us 626.922.4268 for a no obligation tour of Pasadena neighborhoods and its fantastic new construction and resale condos and townhouses.
