Friday, November 6, 2009

Congress Extends and Expands Home Buyer Credits

The $8,000 first-time homebuyer credit that I wrote about months ago has been extended beyond its original expiration date this fall. The credit which was to expire at the end of November has been extended to the end of April, 2010.

In addition, the law has been expanded to allow homeowners who have occupied their homes for 5 consecutive years during the last 8 years to be eligible for a $6,500 tax credit. The law also increases the income limits and home purchase price limits that existed in the original law.

These changes are expected to continue to stimulate the home real estate sector of the economy.

William Deutchman, CPA
www.wddcpa.com

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