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Extended and expanded the $8,000 tax credit for first-time buyers.
By New England Cedar Homes
Congress and the President have extended and expanded the $8,000 tax credit for first-time buyers. You now have until April 30, 2010 to sign a contract and qualify. AND, starting November 7, many existing home owners also qualify. ~The temporary credit is only available for home purchases that go to contract before May 1, 2010, and that close before July 1, 2010. ~It's equal to 10% of the cost of the home, up to a maximum credit of $8,000. (For example, a home purchased for $80,000 or more would qualify for the full $8,000 credit.) But homes that cost more than $800,000 are ineligible for any tax credit. ~This is a tax credit, which is even better than a tax deduction; it's subtracted directly from your tax liability. If the credit is more than your total tax liability that year, you will receive a refund check for the balance. (Note that a married buyer filing separately is only eligible for up to a $4,000 credit.) ~Eligible properties include anything that will be used as a principal single-family residence, including condos and townhouses. ~First-time homebuyers can take advantage of the full $8,000 tax credit. A first-time buyer is defined as an idividual who has not owned a home the past three years. For married joint filers, both must meet the first-time buyer criteria to take the credit on a joint return. ~Existing homeowners who have lived in their current homes for five consecutive years out of the past eight are eligible for up to a $6,500 tax credit when they purchase a new home. ~There are income guidelines on the credit. Individuals with an adjusted gross income up to $125,000 or $225,000 if filing jointly, are eligible for the full tax credit. The credit is phased down for those earning more and is not available for those with an income above $145,000 or $245,000 if filing jointly.
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Urban Cedar Home
Cedar Home in Winter
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Lots of good information. Let's hope that this will help the economy get started.
Keep up the good work.
Frederick
The fine print in your Intel seems to be the same size as the rest of the text (grin) I will work On keeping it under $800,000 now.
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This intel was contributed by Simon
Simon
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May, 2012
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