This is truly wonderful news!
The $8,000 first-time homeowner tax credit has been extended. In addition, people who have owned a home for at least five years will be able to apply for tax credits of up to $6,500 when they purchase their next home. The maximum purchase price on a home will be $800,000 with vacation homes not eligible. Income limitations are $125,000 for single tax payers and $225,000 for joint filers. The credits will only be available to buyers who sign a purchase agreement by April 30, 2010 and close by June 30.
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