Posts tagged: First Time Homebuyers Tax Credit

Update on First Time Homebuyers Tax Credit

By , October 29, 2009

Update on First Time Homebuyers Tax Credit

Senators agreed Wednesday to extend the current tax credit for first time home buyers while offering a reduced credit for repeat buyers who have owned their home for at least five years.

Although this bill has not been finalized yet, here are the details of what is expected to pass:

  • First time home buyers can receive a tax credit of up to $8,000 if they have not owned a home in the last three years.
  • Repeat buyers can receive a tax credit of up to $6,500 if they are purchasing another primary residence and have owned their current home for at least five years.
  • In both cases, the sales agreement must be executed by April 30, 2010 and the transaction must close by June 30,2010.

This is NOT yet law.

As more details become available, we will be sure to post them here.

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