New Home Tax Credit.. Tax Credit Extension
Senate Likely to Extend Tax Credit for First-Time Home Buyers – Political News – FOXNews.com .
This is really interesting, you will all find this fascinating. Not only are they going to be extending the Tax credit for first time home buyers. They are playing with the idea of expanding it to include current home owners, as long as they have been in their current home for a minimum of 5 years.
The agreement would extend the existing credit for first-time home buyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners. The reduced credit would be available to all home buyers who have been in their current residence for a consecutive five-year period in the past eight years.
The credit would be extended from its current expiration date of Dec. 1 to all contracts entered into by April 30, and closed before July 1. It is expected that income limits on people claiming the credit would be increased to $125,000 for singles and $250,000 for couples, from the current $75,000 and $150,000, aides said. The credit phases out for people making more than those amounts.
As more information comes out regarding the new tax credit for buying a home, I will make sure to post everything I can find to keep you all informed. If you have any questions, give me a call. Spencer Janke
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