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.

- If the purchase is made in 2010, taxpayers could claim it on their 2009 income tax return.

- No recapture on the tax credit if buyers stay in the home at least 3 years from the date of purchase and no recapture for military.

Posted by NMWelcomeHome Team Associates (505) 886-1432 on
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