New and Improved Tax Credit for Home Buyers

November and December are typically very busy months as everyone gets involved in the Holidays. However, it is a great time to be thinking about real estate. While everyone else is eating turkey, the best houses become available for smart home buyers. On that note, our Uncle Sam is again working to help achieve the American Dream of Home Ownership. The National Association of Realtors® has provided a guide sheet which explains how this new tax credit works for first time home buyers and for those who are ready to change residences. In short the Fed is:

Bringing the Dream of Homeownership Within Reach

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
  • Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
  • Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
If you have specific questions or need additional information, it is always best to contact a tax professional or the Internal Revenue Service at 800-829-1040. Don’t wait until the last minute if you plan to take advantage of this offer. All my posts for the previous tax credit will still apply here. Time will run out on this as buyers procrastinate. View the NAR Home Buyer Tax Credit Chart.

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