New and improved tax credit deal for home buyers!
President Barack Obama has signed into law a $24 billion economic stimulus
bill extending and expanding tax incentives to prospective home buyers. The law extends the $8,000 first-time home buyer's tax credit by five months to April 30, 2010. And, it expands the credit to include as much as $6,500 for existing home buyers who have owned a home for at least five years. In both cases, the purchases have to be closed by June 30, 2010.
The maximum purchase price on a home will be $800,000 with vacation homes not eligible. Income limitations are $125,000 for single tax payers and $225,000 for joint filers.
Supporters of the law say it will help to continue stimulate the slowly recovering residential real estate industry which is a vital segment of the overall economy.
So if you have been thinking about buying a home, you now have as many as 8,000 and 6,500 strong reasons to get serious.
The maximum purchase price on a home will be $800,000 with vacation homes not eligible. Income limitations are $125,000 for single tax payers and $225,000 for joint filers.
Supporters of the law say it will help to continue stimulate the slowly recovering residential real estate industry which is a vital segment of the overall economy.
So if you have been thinking about buying a home, you now have as many as 8,000 and 6,500 strong reasons to get serious.
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