CONGRESS EXTENDS AND EXPANDS THE $8000 FIRST-TIME HOMEBUYER TAX CREDIT,
AMENDMENT INCLUDES $6500 CREDIT FOR CURRENT HOMEOWNERS:
-Current $8000 tax credit for first time homebuyers extended to April 30, 2010.
-New tax credit for existing homeowners is $6500 for those residing in a home for any consecutive 5yrs of the last 8 yrs.
-First time buyers must close before July 1, 2010 to obtain the $8000 credit
-Existing home owners must enter into a written binding contract by May 1, 2010 and close on the new home before July 1, 2010 to obtain the $6500 credit.
-Annual income limitations have been increased from $75,000 to $125,000 for individuals and from $150,000 to $225,000 for joint filers.
-U. S. Armed Forces members are eligible until April 30, 2011 if previously deployed overseas.
-For further information go to: http://www.federalhousingtaxcredit.com
