Sunday, November 08, 2009
1st TIME HOMEBUYERS TAX CREDIT EXTENDED TO APRIL 30, 2010
The $8000 tax break for first-time home buyers would require a signed purchase agreement contract, and will have a 60-day cushion beyond the end of April to complete the closing.
In addition, existing homeowners who have lived in their current residence for at least 5 years but want to relocate to a new primary residence can use a $6,500 tax credit.
Income limits for both would be $125,000 for individuals and $225,000 for couples.
The tax break would be offered on homes priced at $800,000 or less Recipients who sell the home or stop using it as their primary residence within 3 years would be required to repay the credit