Home Buyers’ Tax Credit Update

Updated 11/4 1PM It’s DONE

From U.S. News and World Report

The deadline for first-time home buyers to claim the $8,000 credit would be pushed back to April 30, 2010. But the term “deadline” doesn’t mean the same thing as it does in the current credit. The Senate agreement stipulates that buyers must have a sales contract on a house by April 30 to be eligible, but it gives them an additional 60 days to close the purchase…the effective deadline of the credit under this agreement is actually the end of June. The agreement would allow current homeowners to claim up to $6,500 as long as the property they are vacating has been their primary residence for at least five years. Senators moved to increase its annual income limits from $75,000 to $125,000 for single buyers and from $150,000 to $225,000 for married couples. These limits apply to both first-time and move-up buyers, although neither can purchase a home for more than $800,000 and still get the credit.

‘7 Step Action Plan’ to make sure we make the most of this opportunity can be found here.

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