Tax Credit Extension

Congress Expands and Extends the First-Time Home Buyer Tax Credit
The bill has finally passed thru congress and is expected to be signed by Obama later today. Most of the details of the credit will stay the same with the following changes.
The end date for the credit has been moved to April 30th, 2010. Purchase agreements must be signed by all parties on or before this date. The transaction must close by June 30th, 2010.
The credit has been expanded to move up buyers or people who have owned a home as a primary residence for 5 of the last 8 years. The cap for these people will be $6,500.
Income limits increased to 125k for single people and 225k for married.
The complete list of qualifying criteria is posted on the IRS website. Be sure to review it with a tax professional to determine your eligibility. Then mark your calendar for April 30, 2009.
It's 5 months away.

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