First time home buyer’s tax credit is extended and expanded
Our government did it, something that appears to be for the people. They extended the first time home buyer’s tax credit of up to $8000 until April 30th of 2010. The economic recovery bill has also been expanded to include a tax credit of up to $6500 for buyers who have lived in their homes for at least five years.
The tax credit is 10% of the purchase price of the home with a maximum of $8000 if you are a first time home buyer and a maximum of $6500 if you have lived in your home for at least five years.
The economic recovery bill has been criticized for not helping current homeowners keep their existing homes. However, the first time home buyer’s tax credit has and will at least continue to stimulate the housing market by making it more enticing to own a home.
For more information call the Rent 1 Sale 1 Realty office nearest you.
West Palm Beach Mgmt
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