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More Newberg Homebuyers Qualify for Homebuyer Tax Credit
More Newberg Homebuyers Qualify for Homebuyer Tax Credit
President Obama has just signed an expanded version of the $8,000 first time home buyer tax credit that was set to expire on November 30. This will allow more Newberghomebuyers, both first time homebuyers and move up homebuyers, to qualify for the tax credit.
The new version of the tax credit has the potential to stimulate the housing market even more than the old version due to the fact that more Oregonians will qualify under the new rules. Although the tax credit remains at $8,000 for home buyers that have not owned a primary residence in the last three years, it has been expanded to include a $6,500 tax credit for home buyers that have lived in their current primary residence for at least five consecutive years out of the past eight years. Under the old rules, move-up home buyers did not qualify.
Consider these three examples:
Example 1:Jane purchased a home in 2002, lived there for 5 years as her primary home, movedout in 2007, and turned that home into a rental property. If Jane decides to buy anew primary residence today, she would qualify for the $6,500 tax credit based onthe ... more

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