Tax Credit

For all of you out there wondering if it is going to happen the answer seems to be YES!!

The Senate voted yesterday on the extension of the first time home buyer tax credit. The extension passed the Senate with 98-0 vote and today it was passed in the House. The bill now moves to the President’s desk for a final signature.

First-time home buyers have been eligible for tax credits of up to $8,000 since last January as part of this year’s economic stimulus package, there are some changes.

Under the new program, those who have owned a home for at least five years will be able to apply for tax credits of up to $6,500 when they purchase their next home. To qualify, buyers will have to sign a purchase agreement by April 30, 2010 and close by June 30.

The maximum purchase price on a home will be $800,000 with vacation homes not eligible. Income limitations are $125,000 for single tax payers and $225,000 for joint filers.

The tax credit is also set to be extended for another year for military personnel serving outside of the United States until June 30, 2011.

But, is this really true? When April 2010 comes around and the housing market is still in the tank what will happen then? Stay tuned for more updates

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