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November 5th - It has been announced today that Congress has passed the bill to extend and expand the homebuyer tax credit. All is left to do is to have President Obama sign the bill. Once signed, the expiration date will be extended to April 30th, 2010. First-time homebuyers who have not had interest in a principle residence for three years are still eligible, and the maximum amount remains the same at $8,000.
Additionally, this bill includes a tax credit for current homeowners who have consecutively maintained the home they want to sell as their primary residence for five of the last eight years. However, the maximum amount for those homeowners is lower at $6,500.
As always, consult your accountant for advice.
Additionally, this bill includes a tax credit for current homeowners who have consecutively maintained the home they want to sell as their primary residence for five of the last eight years. However, the maximum amount for those homeowners is lower at $6,500.
As always, consult your accountant for advice.
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