Tax credit extended - great news!

Tax Credit Extended!

Last President Obama signed a bill which extended and expanded the tax credit, into law.

Here are the details:

The bill that was to originally expire on November 30, 2009 has been extended through April 30, 2010. 

In addition, there will be a tax credit of $6500 for qualified buyers who are NOT first time-home buyers and purchase a home with a sales price of up to $800,000. 

The buyer's income limits have been increased to $125,000 for individuals and $225,000 for couples for both of these tax credits.

Homes purchased must be used as a primary residence.

There are other additional provisions, so as always, I recommend that you check with your tax attorney to see if this tax credit will work for you. 

But if you've been thinking about "moving up" and using your current home as a rental, this could work out nicely for you.  With low interest rates, great home prices and a $6500 tax credit, this may be a golden opportunity to add to your real estate portfolio.  We may never have this chance again!