Joe Burton - Nashville Area Realtor: Tax Credit Update!
Tax Credit Update!
Keep your fingers crossed... The United States Senate is expected to vote later today on a bill that would extend unemployment insurance benefits. This bill also contains the Dodd - Lieberman - Isakson Amendment that, if passed, would extend and expand the $8,000 first-time buyer tax credit.
The extended and expanded tax credit could contain the following changes if passed:
- $8000 credit stays the same.
- ALL HOME BUYERS will be eligible (step-up buyers will have to have lived in their current home for 7 years to be eligible).
- Income Limits will change to $125,000 for single filers and $225,000 for joint filers maximum.
- The credit would be extended from December 1, 2009 to April 30, 2010. There would also be a 60-day extension if a binding purchase contract is in place by April 30, 2010.
We'll keep you posted...
P.S. Happy (early) Halloween!!
The extended and expanded tax credit could contain the following changes if passed:
- $8000 credit stays the same.
- ALL HOME BUYERS will be eligible (step-up buyers will have to have lived in their current home for 7 years to be eligible).
- Income Limits will change to $125,000 for single filers and $225,000 for joint filers maximum.
- The credit would be extended from December 1, 2009 to April 30, 2010. There would also be a 60-day extension if a binding purchase contract is in place by April 30, 2010.
We'll keep you posted...
P.S. Happy (early) Halloween!!