Newsflash: Tax credit expanded

November 10, 2009 / Real Estate News / Author: admin / Comments: (0)
Tags: $6500 Tax Credit, $8k Tax Credit, How long is the tax credit extended?, Tax Credit, who qualifies for the tax credit?

Real Estate Newsflash: Tax credit expanded

Congress passed new legislation that extends the First-Time Home Buyer Tax Credit-up to $8,000 to first-time home buyers-until April 30, 2010 and expands the credit-up to $6,500 credit to current home owners purchasing a new or existing home.  Under the new criteria, first time homeowners (those who have not owned a property for 3 or more years) and existing qualified home owners (those living in the existing home 3 out of 5 consecutive years) become eligible to receive the credit.  Single individuals making $125,000 or less receive the full benefit and those making up to $145,000 receive partial benefits.  Married individuals making $ 225,000 or less receive the full benefit and those making up to $245,000 receive partial benefits.  The credit is available for purchases of $800,000 or less.  Do you qualify?  How much would you receive?  - read more