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Great News on the New Tax Credit
Great News on the New Tax Credit.  The House passed the unemployment extension bill today after Senate did yesterday which includes the extension and expansion of the tax credit.  The President signed the bill today!  The tax credit provision remains the same.
First-time home buyers will continue at $8,000 Tax credit for "move up" purchasers will be up to $6,500 Must have used previous home as a principal residence for 5 consecutive years of the previous 8. Income limits increased and are the same for first-time and "move up" purchasers: $125,000 for    single filers/$225,000 for joint filers Limitation on eligible home prices has been increased to $800,000 Time Frame:    December 1, 2009 to April 30, 2010 plus 60 day extension if binding contract is in place by April 30, 2010 Anti-fraud measures have been added Below are the NAR Frequently Asked Questions in regards to the Home buyer Tax Credit Changes:
Question: Existing homeowner credit: Must the new house cost more than the old house?
Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.
Question: I am an existing homeowner. On October 25, ... more

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