President Obama was signed a bill which extends the First Time Home Buyer Tax Credit and has provisions for Second Time Buyers as well. In summary it looks like this:
1) First time homebuyers tax credit amount will continue at $8000,
2) Income limits increased for first time buyers and “move up” buyers - $125,000/single filer and $225,000/joint filers,
3) Limitation on sales price has increased to $800,000,
4) Tax credit for “move up” purchasers will be up to $6500,
5)Tax credit of $6500 for homebuyers that lived in their home for 5 years of the previous 8 years.
If you would like additional information about this program, just contact me and I will be glad to provide it to you.
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