First Time Home Buyer Tax Credit Extension – December 2010 Extension Possible Bill Proposal?
Posted on April 6, 2010
The first time home buyer tax credit extension is likely to be a very hot topic in Washington over the next few weeks. There have been rumors that a December 2010 extension is a possible bill proposal but no one knows for sure. It will be very interesting to see what Washington does with this issue.
In November the Obama administration decided to extend and expand the first time home buyer tax credit extension. The original expiration date was set for November 30th, 2009 but it was pushed back to April 30th, 2010 which is where it stands now. They also expanded the credit to move up buyer as well.
If you have been in your current residence for five years or more and you are moving up into a new home then you could qualify for a $6500 tax credit. Most first time home buyers qualify for an $8000 tax credit with the purchase of a new home. You must be under contract by April 30th, 2010 to lock in on this tax credit.
Over the next few weeks we will see many bills proposed when it comes to the first time home buyer tax credit extension. It will be very interesting to see if any of these bills are passed or even considered.
Author: Jeremy North
source: subprimeblogger.com
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