Home Buying Tax Credit Extension
Welcome to my lens! As a Realtor , I have been very excited about the 1st time home buyers $8,000 tax credit. unfortunately,it is set to end November 30,2009 . But as many have been speculating , there is a new bill which is currently in the Senate and as of today is very close to passing. That bill will not only extend through April 2010 , but it will add in a $6, 500 credit for repeat buyers. As long as you have lived in your home for the past 5 years you would qualify. There are some income qualifications and of course, the bill has not passed yet so we don't know all the details, but it is looking very promising for it to pass the Senate.
Many Realtors I know share my opinion that having a credit for repeat buyers may really help in stimulating the housing market, so we are very excited about this as well as the extension for 1st time home buyers. If we can get the housing market moving again, I believe it will trickle to the rest of the economy and we can get this country back on track.
So follow along and I will keep updating this lens and news becomes available and of course for any other real estate needs or questions please email me at michelle@mrkempsville.com or visit my website at www.michellehuber.com!!
Ocotber 30,2009
Here is an update from yesterday and it explains the bill in more detail
http://blogs.wsj.com/developments/2009/10/29/qa-the-home-buyer-tax-credit-extension/
November 4, 2009
Hello again!! Here is the latest info from today about the extension.. look like the Senate may approve it today!
http://www.bloomberg.com/apps/news?pid=20601103&sid=a.uKsJT_hksg
11/6/2009 - The President just signed the bill extending the tax credit - here is link that has all the information you need concerning the new bill.. this is a great thing for first & current homebuyers!!!
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Federal Housing Tax Credit explained
Congress Enacts Bigger and Better Home Buyer Tax Credit A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid.
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