Thursday, November 05, 2009
by Charles Weasner and Steve Redmond
Yesterday the Senate sent forth an extension and expansion of the $8,000 First Time Home Buyer Tax Credit. The provisions of the bill sent to the house as outlined in The Washington Post...
Under the bill, first-time home buyers would receive the $8,000 tax credit if they sign a contract by April 30 and close on it by June 30. The plan would also make those who buy a new primary residence eligible for the $6,500 credit if they owned their current home for at least five consecutive years in the previous eight years.
But the measure limits the purchase price of the home to $800,000. It also imposes income caps so that people who make more than $125,000 annually and couples who make more than $225,000 would not be eligible for the program, which is estimated to cost $10 billion.
So, will YOU take advantage of this New Tax Credit for $6,500?
How about the $8,000 through June??