Here is the low down on the new tax rebates the house is due to vote on today.

For the $8000 tax rebate-You must have a signed purchase agreement by April 30, 2010 and close by June 30, 2010. If you have a buyer who has a current contract and you had told them because of the Nov 30, 2009 deadline that they would not qualify for the tax rebate they are about to get a nice surprise.

Current homeowners tax rebate-If they have lived in their current home for the past five years they qualify for up to a $6500 tax rebate.  Here is where I get to say "I never get a break" because we sold our home in Florida and bought here two years ago. Yes the market was down and we took a hit on the house in Florida, yes we would have bought here anyway, but I feel the need to whine just a little. What about those of us who kept the market moving before all the tax breaks we placed into law?

Moving on---Income limits? Yes there are still income limits and the credit will be phased out if an individual has a annual income above $125000. For joint filers the income will be phased out if the annual income is above $225000.

Nice note-The credit is being extended until June 30, 2011 for members of the military serving outside of the US for at least 90 days.

UPDATE 11/6/09    HOUSE PASSED THE BILL - OBAMA TO SIGN INTO LAW TODAY

If you have questions feel free to contact me   jlyness.fml@gmail.com  or 865-748-5542