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$6500 Tax Credit for Existing Homeowners Purchasing a Home
With the signing of the Extended Home Buyer Tax Credit existing homeowners may now qualify for a $6500 Tax Credit.  This new legislation is time sensitive and unfortunately does not apply to all existing homeowners.  Here are the important points to know...
Who qualifies - current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight qualify. Time Limits - as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close. Income Limits - single buyers with incomes up to $125,000 and married couples with incomes up to $225,000-may receive the maximum tax credit.  The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income-over $145,000 for singles and over $245,000 for couples are not eligible for the credit. Price Limits - credit may only be awarded on ... more

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