Some legislators and real estate industry associations are pushing for an extension. Many would like the credit increased to $15,000 and expanded to all buyers not just first time buyers. There is no saying what Congress will do when it returns from vacation next month.
The current $8000, tax credit for first time home buyers that earn less than $75,000 per year ($150,000 on a joint return).
- Individuals with incomes between $75,001 and 94,999 (single) or $150,001 and $169,999 (joint returns) are eligible for a partial tax credit.
- Individuals with incomes greater than $95,000 (single) or $170,000 (joint return) are not eligible for this tax credit.
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