Tax Credit For First Time Home Buyers - Extenison? Looks like it.
Great news for those of you still wanting to buy a home and thinking you've missed the $8,000 Tax Credit!! The Senate voted Wednesday November, 4, 2009 to extend and expand the tax credit to include many buyers who already own homes.
Buyers who have owned their current homes at least five years would be eligible for tax credits up to $6,500 and the bill extends the $8,000 tax credit to those first time home buyers who haven't owned a home in the last three years. To qualify, buyers in both groups have to have a signed purchase agreement by April 30, 2010, and close by June 30, 2010.
The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would also be phased out for those folks with annual incomes above $125,000 and for joint filers with incomes above $225,000.
For members of the military serving outside the United States for at least 90 days and more, the credit will extend until June 30, 2011.
This bill is H.R. 3548.
The house is scheduled to vote on this bill today, Thursday, November 5, 2009. Stay Tuned.....
