Tax Credits!!!
Recently President Obama signed into law an extension to the first time home buyers $8000 tax credit and an expansion to include “repeat buyers.”
For “repeat buyers” to qualify you have to purchase a new home and sell your home between now and April 30, 2010. All Contracts must be done by this date and will have until June 30, 2010 to be completed. Buyers must not make over $125,000 annual as a single person. There is information about partial credits for those that make more than these amounts.
The $8000 tax credit is still available for those who have not owned a home in the past three years. The income limits have been risen as well to match the repeat buyers limits. The deadlines are the same however the credit reduces by $2000 every few months until it is only $2000 if you buy before December 31st. Check out the Federal Housing Tax Credit website for more information.
