Exciting News! Were you feeling left out while 1st Time Homebuyers were collecting $8,000? Well thanks to the passing of the Unemployment Compensation Extension Act (H.R. 3548); which President Obama signed into law, you too can now claim up to $6,500!
The new law includes an amendment which allows for buyers who have lived in their current home for five of the last 8 years, to be eligible for at $6,500 tax credit when they purchase a new home. The 1st Time Buyers are still able to claim up to $8,000. Both groups are required to have all purchase agreements signed by April 20, 2010 and have the sale closed by the end of June 2010.
There are some restrictions for who can take advantage of the credit. The IRS has a great site that spells out the rules.
For more information on the Tax Credit and the answers to some frequently asked questions check out the links below!
Home Buyer Tax Credit Changes
Tax Credit FAQs
As always, if you should have any questions about the credit or how Stafford Family Realtors can help you, please contact us today!
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