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First-Time Homebuyer Tax Credit
Extended And Expanded
Effective November 7, 2009
Great news for those wanting to purchase a home!!
The $8000 first time homebuyer tax credit has been extended and expanded, now the plan also benefits current homeowners!
* $8000 first time homebuyer tax credit is extended until April 30, 2010. The purchase must close by July 1, 2010.
* Now available, a $6500 tax credit to current homeowners who have lived in their homes for at least five years.
* Income limits have been increased to $225,000 for couples and $125,000 for individuals.
Stipulations to the tax credit include:
* Not available to those buying homes worth more than $800,000
* Those who sell thier new home or stop using it as their main residence within three years would have to repay the credit.
*When purchasing a new home please be sure to seek the advise of a tax proffessional to determine your eligibitlity for this credit.
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