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Home Buyer Federal Tax Credit News
Here is information about the extension of the First Time Home Buyer Federal Income Tax Credit (up to $8,000) AND also the new part of the program which makes up to a $6,500 Federal Income Tax Credit available to many people who already own a home and who want to make a move-up purchase.
- If you have owned your current home for at least 5 years you may be eligible for tax credits up to $6,500, subject to income limits.
- First time home buyers or someone who has not owned a home in the past 3 years may be eligible for tax credits up to $8,000, subject to income limits.
- Buyers must sign purchase agreements before April 30, 2010 and close escrow before June 30, 2010
- The tax credits are available for the purchase of principal residences costing $800,000 or less.
- Vacation home are not eligible.
- The credit is phased out for those with an income greater than $125,000 and for joint-filers with incomes greater than $225,000.
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