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Congress Extends First Time Homebuyer Tax Credit |
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In addition to extending the tax break for first-time homebuyers, the measure will let more people qualify for the credit, including some who already own homes and those with higher incomes.
So long as a written, binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close. Homebuyers who have lived in their prior residence for at least five of the past eight years could receive a credit of up to $6,500. Couples earning as much as $225,000 a year and individuals earning up to $125,000 would qualify. The purchase price of the home cannot exceed $800,000. |
