1st Time Homebuyer Tax Credit Extended
Posted by Phil Boren on Friday, November 6th, 2009 at 11:45am.Congress has passed and President Obama is expected to sign as early as today, a Bill that extends the 1st-time homebuyer tax credit! The credit, which provides 1st-time buyers with a federal tax credit of up to $8,000, was set to expire on November 30th; the new Bill extends that deadline for properties contracted by April 30, 2010 and closed by June 30, 2010. It also creates a new incentive up to $6,500 for "other" buyers who contract for a replacement home (up to $800,000) by April 30, 2010 and close by June 30, 2010, provided their previous home was their principal residence for at least 5 years. Here's a summary chart of the previous and new tax incentives.
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