Alexandria VA Home Buyers And Home Owners
Rewarded With Tax Credit Extension And Expansion
Just a few moments ago, President Obama signed a bill extending and expanding the homebuyer tax credit.
The federal government has officially extended the tax credit for first-time home buyers, and expanded the tax credit to include existing homeowners who qualify.
The amendment extends the tax credit through April 30, 2010, with an extension of 60 days available if a binding contract is in place prior to the deadline. The $8,000 credit will be extended to income limits from $75,000 for single filers and $150,000 for joint filers to $125,000 and $225,000. Also included in the amendment is a $6,500 tax credit for existing homeowners who have lived in their current residences for at least five years. The home’s purchase price must be below $800,000.
For complete details on the recent updates to the federal home buyer tax credit, click here.
