The Internal Revenue Service (IRS) has posted the new guidelines for the homebuyer tax credit on their website. In addition, they have created a video that explains the extension and expansion.
The measure extends the present $8,000 tax credit for first-time home buyers through April 30, 2010. Current homeowners are eligible for an up to $6,500 tax credit through April 30, provided they have lived in the home they are selling, or have sold, as principal residence for five consecutive years in the past eight years. If potential home buyers have a binding contract on or before that date, they will have until June 30 to close the transaction. There are also new income limitations.
Feel free to email me for more information on how these credits can help you purchase a new home.
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