President Obama signed a measure today that includes an extension of the $8000 first homebuyer tax credit that was set to expire at the end of November. In addition, the bill creates a $6500 tax credit for homeowners who purchase a new residence. The $8000 tax credit is open to new homebuyers through April of 2010. To be eligible, first time homebuyers must have an income of not more than $125,000 for individuals and must be acquiring a home for $800,000 or less. The IRS will have increased ability to recognize and stop fraudulent use of the tax credit. The $6500 tax credit is available to those who would like to acquire a new home after having occupied their current residence for at least five years. This credit could be claimed by those with a closing date of Nov. 6 or later. The $24 billion bill has substantial momentum due to the inclusion of jobless benefits that extend the amount of time individuals can claim unemployment by up to twenty weeks. Source: November 2009 Columbus Board of Realtors
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