Tax Credit Extended

Congress extended the tax credit for new home buyers through April  30, 2010 and added a $6500 tax credit for current home  owners who are buying.
Nov. 5 (Bloomberg) — Congress gave final approval to legislation expanding an $8,000 tax credit for first-time homebuyers. It also will allow homebuyers who have owned their prior residence for at least five years to receive a $6,500 credit. Those who sell their new home or no longer use it as their main residence within three years would have to repay the credit. Homes worth more than $800,000 wouldn’t be eligible.

 

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