November 2009

First Time Homebuyer Tax Credit Extended Until 2010

Friday, November 6th, 2009 at 1:29pm. 391 Views, 0 Comments.

The Homebuyers Tax Credit jumped its last hurdle yesterday, as both the House and the Senate have passed the bill and it now awaits President Obama's signature, expected today or tomorrow. And while we have been expecting this to happen for some time and with all the changing details, let's go over the actual Bill. For First Time Homebuyers or those who have not owned a home within 3 years, the tax credit remains at $8,000, with income restrictions maxing out at $125,000 for singles and $225,000 for couples. Current Homeowners - those defined as having owned a home for five or the previous eight years - can now also take advantage of a credit, with the slightly lesser amount of $6,500, with the income restrictions the same as described above. To qualify…

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