FIRST TIME HOME BUYERS
Home Buyers' Tax Credit
The deadline for first-time home buyers to claim the
$8,000 credit would be pushed back to April 30, 2010.
The agreement stipulates that buyers must have a
sales contract on a house by April 30 to be eligible,
but it gives them an additional 60 days to close the
purchase ... the effective deadline of the credit under
this agreement is actually the end of June.
The agreement would allow current homeowners to
claim up to $6,500 as long as the property they are
vacating has been their primary residence for at least
five years.
Senators moved to increase its annual income limits
from $75,000 to $125,000 for single buyers and
from $150,000 to $225,000 for married couples.
These limits apply to both first-time and move-up buyers,
although neither can purchase a home for more than
$800,000 and still get the credit.
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