Congress extends and expands homebuyer tax credit
Congress has extended and expanded the homebuyer tax credit which will become effective upon signing by President Obama. The provisions include an extension of the up to $8000 tax credit until April 20, 2010 and an expansion of the credit to single homebuyers making up to $125,000 per year (formerly $75,000) or couples making up to $225,000 per year (formerly $150,000). In addition, the new rules provide fo an up to $6,500 tax credit for existing homeowners purchasing a new home. To qualify, these homeowners must have lived in their current home for at least five of the last eight years.
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