Home Buyer Tax Credit Breakdown
Posted by Carlos Martinez on
Hopefull voted on soon the Tax Credit for First Time Home Buyers will be extended and expanded. This is the latest.
- Tax Credit would remain $8,000 for firs-time home buyers and extended from December 1, 2009 to April 30, 2010.
- Allow move-up buyer $6,500 tax credit and would be eligible if they have lived in their home as a primary residence for 5 years or more.
- Tax credit would end April 30, 2010 but would allow any buyer that had a binding contract to qualify for the credit so long as they complete the transaction within 60 days.
- Income limits will be raised for both move-up and first time home buyers to $125,000 single filer and $225,000 joint return.
- Purchase price of the home not to exceed $800,000 to be eligible for the tax credit.
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