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Thursday, November 12, 2009

New Tax Credit Details

The tax credit for first time homebuyers had not only officially been extended, but has also expanded to repeat homebuyers. First time homebuyers are subject to $8,000 tax credit when in contract on the purchase of a home by April 30, 2010, closing escrow by June 30, 2010. Repeat homebuyers are subject to a $6,500 tax credit during through the same timeline, if they have lived in their current residence for at least five years. All purchases must be owner occupied, and owners must reside in the property for at least 3 years. In addition, the cap on the purchase price has increased to $8,000 and the income qualifications have increased to $125,000 for single tax filers and $225,000 for joint tax filers.

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