FIRST TIME HOMEBUYER TAX CREDIT NEWS AND CHANGES

As part of the Government’s efforts to encourage people to spend money to help restart the strongest engine of the American economy, the House and the Senate have voted to expand a popular tax credit for home buyers. The Bill, now goes to President Obama, who plans to sign it today.

The Bill extends the time frame for the $8000.00 credit to first time homebuyers and adds a new component for existing Homeowners who have remained in their homes for five of the last eight years and are selling their primary residences. These Home Owners may be entitled to up to $6,500.00 in tax credits.

For a more detailed breakdown of the new changes click HERE.

http://www.realtor.org/fedistrk.nsf/files/government_affairs_tax_credit_ext_chart_110409.pdf/$FILE/government_affairs_tax_credit_ext_chart_110409.pdf

The above Link from the National Association of Realtors has been provided by Rachel Hillman of Realty Executives. http://www.rachelhillman.com/

The content of this post is intended to provided general information only. It should not be used as advice for a specific matter, nor does its publication create an attorney-client relationship. For Legal advice on a specific matter, consult an attorney.

By: Adam Goncalves