Home Buyer Credit Extended And Expanded

Jennifer Fivelsdal
JFIVE HOMES REALTY LLC
http://www.jfivehomes.com
**First Time Buyer $8000 Tax Credit has been extended to April 30th 2010; with signed contract by that date you have until July 1st to close. $8000 is for a married couple and $4000 for a single person.

**If you owned and sold a primary residence over 3 years ago you too can qualify for the first time buyer tax credit.

**There is an income limit
Single $125,000
Married 225,000

** House price cannot exceed $800,000.

** When filing for the credit on IRS tax form 5405 you must attach documentation of the purchase.

**The tax credit has been expanded to include present home owners who are selling to purchase a new home. The home owner would have had to use the home as a principal residence for 5 consecutive years out of the last 8 years.

** The tax credit available is $6,500 for a married couple or $3,250 for a single person.

** This is in effect as of November 7th 2009 with a purchase date after November 30th.

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• First
• time
• buyers
• expanded
• tax
• credit