Wednesday, October 28, 2009

Tax Credit May be Extended To Buyers who already own a home!


U.S. senators are nearing a deal on a measure to EXTEND the 1st-time home buyer TAX CREDIT through next April and EXPAND it to some buyers who ALREADY OWN A HOME!
Under the deal, certain "step up" buyers who have lived in their current home for at least five years would also qualify for the tax credit, according to lobbyists close to the negotiations.

Under the measure, the credit would run through April 30 of next year, though sales contracts in force by April 30th would be eligible as long as the deal closes within 60 days. The credit would amount to 10% of the sales price, with a maximum of $7,290. The current credit has a cap of $8,000
CLICK HERE TO READ NASDAQ'S FULL ARTICLE.

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