Home Buyer Tax Credit

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Real Estate Agent with America's 1st Choice RH Realty Co., Inc.

Home Buyer Tax Credit Extended

Congress today approved legislation that will extend the first-time home buyer tax credit beyond its Nov. 30 deadline and expand it to a wider group of home buyers.

The legislation, which will be signed into law shortly by President Obama, will extend the $8,000 credit for first-time home buyers for sales contracts entered into by April 30, 2010 and closed by June 30.

Further, it has been expanded to include a new $6,500 credit for owners of existing homes who are purchasing a new primary residence. An existing home owner can claim the $6,500 tax credit if they have been residing in their primary residence for five consecutive years out of the last eight.

In more good news, the income eligibility limits to claim the full credit amount for both groups of home buyers have been raised from $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return to $125,000 for individuals and $225,000 for married couples.

www.federalhousingtaxcredit.com

 

http://www.JonWHome.com

 

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Rainmaker
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William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Jon, although I am not a big fan of these incentives...something needs to be done.

Nov 06, 2009 09:30 AM #1
Rainer
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Jon Wnoroski
America's 1st Choice RH Realty Co., Inc. - Green, OH
Summit County Realtor

Hi William - It's good to hear from you again.  There are pros and cons on this issue but I think most agree that something has to be done to stimulate the housing market.  We have seen more than a mild drop in home sales and an over abundance of inventory.  Hopefully, when the incentive is no longer there in seven months the industry will be able to stand on it's own.

Nov 06, 2009 10:17 AM #2
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Jon Wnoroski

Summit County Realtor
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