Orlando First time home buyer get more relief regarding $8000 tax credit
Great news!
The US Senate voiced support on Wednesday for extending and expanding a soon-to-expire $8000 first time homebuyer tax credit.
The Extended and Expanded Tax Credit agreement includes the following provisions:
Amount: $8,000
Who: First-time homebuyers — same definition as current law
Amount: $6500
Who: Repeat purchasers. Have used previous home as principal residence 5 of the 8 previous years.
Income Limits: $125,000 for single filers/$225,000 for joint filers. Same for first-time & repeat/move-up buyers
Limitation on cost purchased home: $800,000
Time Frame: December 1, 2009 to April 30, 2010 plus 60 Day extension if binding contract is in place by April 30, 2010
Anti-fraud measures have been added.
