nyc BLOG estate

nyc BLOG estate

Tax Credit Extended To Include More Home Buyers

President Obama signed an extension for first time buyers and a new bill. The new bill includes an incentive for current home owners as well. The government will offer those buyers a credit of up to $6,500 as long as they've lived in their home for five of the past eight years.

The credit can only be claimed on primary residences purchased for less than $800,000 as long as they use the property as their primary residence for three or more years after the purchase. Buyers don't have to pay it back. Buyers can claim the credit on their 2009 taxes, even if the purchase was made in 2010 by filing an amended return.

Couples earning as much as $225,000 a year and individuals earning up to $125,000 would qualify. An increase from the current $75,000 limit for individuals and $150,000 for couples.

1 comment:

  1. The first time home buyers credit its a great thing for our countries real estate market. We need a spark as a real estate market and this has helped alittle. I am glad they extended it.

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