Home Buyer Tax Credit has not only been extended, but it has also been expanded to include current homeowners. The following are features of the new bill:
Deadline for new and improved credit is April 30, 2010, as long as the home is under contract by that date; deal must close within 60 days.
Eligibility and amount of new credit:
$8,000 for first-time home buyers (those who have not owned a home in the last three years).
Up to $6,500 credit for homeowners who have lived in the home they are selling, or have sold, as a principal residence for five consecutive years in the past eight.
Buyers with income exceeding $125,000 for single and $225,000 for married couples are not eligible.
Homes valued at more than $800,000 are also ineligible.
Thursday, November 5, 2009
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