First time home buyer tax credit to be extended
Posted: November 6th, 2009 | Author: admin | Filed under: First Time Buyer | Tags: Extension, FHA, Tax Credit | 1 Comment »Buynow101, November 5Th 2009. First time home buyer tax credit is now very close to being extended, while delayed for a couple of weeks senate has now cleared away to allow for the extension and expansion of first time home buyer tax credit.
Although President Obama has indicated that he will sign it, the amended bill is not yet law until he does.
As well as extending the tax credit for first-time home-buyers, the bill also adds a small tax credit for move-up home buyers who have lived in the home for 5 of the past 7 years. The bill will also increase the income limits for home buyers from $75,000 (single) to $125,000; and from $150,000 (married) to $225,000.
First time home buyer tax credit will allow a first time home buyer a tax credit of 10% (up to $8000) on the purchase of a new home by April 30 2010.
First time home buyers a buyer who have not owned a home for 3 years. Buyers may purchase houses or condos and do not have to repay the credit as long as the keep the property for three years.
The tax credit is claimed on the buyer’s federal tax return to reduce liability. The buyer will get a refund check if the credit is more money that the taxes owed.
Now is a great time to buy real estate and take advantage of the great incentives and opportunities in the Real estate market.
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