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First Time Home Buyer Tax Credit Extension
Good news potential home buyers!! The first time home buyer tax credit has been extended into 2010 and now there's even a tax credit for those current home owners looking to purchase a home as well!
First Time Home Buyer Extended Tax Credit Basics:
The $8,000 tax credit has been extended until April 30, 2010. As long as you have a written, binding contract in force by that date you have until July 1, 2010 to close.
You will not have to repay this credit as long as you live in the home as your primary residence for three years or more.
Eligible properties include single-family homes, condos, town homes and co-ops.
You qualify as a first time home buyer if you or your spouse has not owned a home during the previous three years.
Income limits have been increased: single buyers are now eligible with income limits of up to $125,000 and married couples are eligible with income limits up to $225,000
This extension was put into effect on November 7, 2009 Current Home Owner Tax Credit Basics:
Current home owners can get a credit of up to $6,500 when they sell their primary ... more
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