Note: I highly recommend you discuss this with a qualified tax professional BEFORE entering into a listing, sales, or purchase agreement,
Here’s the basics:
Tax Credit Update
The Extended and Expanded Tax Credit agreement includes the following provisions:
Who: First -time homebuyers-same definition as current law
Who: Repeat purchasers. Must have used previous home as a principal residence for 5 of the 8 previous years.
Income Limits: $125,000 for single filers/$225,000 for joint filers. Same for both first-time and repeat/move up buyers.
Limitation on cost purchased home: $800,000
Time Frame: November 6, 2009 to April 30, 2010 (As reported by the Federal Housing Tax Credit Website)
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