The President will sign tomorrow an extension of the first time home buyer tax credit. The new legislation extends the credit until April 30 ,2010 to have a home under contract and it must close by June 30, 2010.
The $8,000 max remains the same.
In the bill is a new credit for existing homeowners who want to purchase a home. Buyers who have lived in their home 5 out of the last 8 years will be eligible for a $6,500 credit.
The income limits have been raised to $225,000 for a couple and there is a cap of $800,000 on the purchase price of the home.
Of course, you should check with your accountant or CPA to make sure you are eligible.
This is probably a once in a life time opportunity to get a tax credit for the purchase of a home and interest rates are extremely low so if you have been sitting on the fence it's time to get off!
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