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New Expanded Tax Credit Helps Indiana Move Up Buyers
New Expanded Tax Credit Helps Indiana Move Up Buyers

 
 
On November 6, 2009 President Obama signed a bill to both Extend and Expand the Home Buyer Tax Credit.  Not only will it be available until Spring of 2010 for First Time Buyers, but it now also includes credits for current homeowners who sell their existing residence and purchase a new one prior to April 30, 2010.    So who qualifies and what are the details?
 
 
 
Here are some of the highlights:

 
How do you apply for the tax credit?  You can claim the tax credit on your federal income tax return.  Understand, this is a dollar-for-dollar credit, not a tax deduction.  If the credit exceeds your tax liability, you will receive a refund.  If you've already filed your taxes, you won't need to wait until the following year -- simply file an amendment.   We've seen buyers receive the tax credit as soon as 30 days after filing the amendment.  This will help offset some of the closing fees or equity shortages for existing homeowners in today's market.  In addition, you will be purchasing a new home at a great price for an interest rate ... more

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