$8,000 Home Buyer Tax Credit Information
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Congress has extended and expanded the homebuyer tax credit. The modifications in the column labeled
"December 1 - April 30, 2010" become effective when President Obama signs the bill. All changes made
to the current credit become effective on that date, as well.
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Another modification to the original legislation raises the income limits for program participation from $75,000 for a single purchaser to $125,000 and from $125,000 to $225,000 for a couple. There are also credits available on a diminishing basis above those income limits.
- Original Was as below
- Tax credit is for first-time home buyers only.
- This credit does not have to be repaid in any form.
- Tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
- The credit is for homes purchased on or between January 1, 2009 and November 30, 2009.
- Married couples with incomes up to $150,000 qualify for the full tax credit; Single taxpayers with incomes up to $75,000 also qualify.
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