Not just for First Time Home-Buyers anymore! Tax Credit Law has been extended and Expanded.
By Valerie Spaulding, Allyn-Belfair-Hood Canal-Local Expertise!
(Windermere Peninsula Properties~Allyn~Belfair~WA)
Yes it is true and official.... Obama signs extended Tax Credit Into Law. And it's not just for First Time Home Buyers anymore. What's it about? Here's a quick run-down: The First Time Home Buyers Tax Creditpretty much remains the same - $8000 credit ($4000 if married filing separately) with a new deadline of April 30, 2010 to have a written binding contract in place to purchase a home that will close no later than July 1, 2010. The Expanded part is that now a current homeownercan sell or who has sold a home that has been used as their principal residence consecutively for 5 of the previous 8 years can receive a $6500 credit ($3250 if married filing separate) for purchasing a new principal residence so long as they are in a written binding contract to purchase by April 30,2010. They too...
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