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GREAT NEWS!  The Home Buyer Tax Credit has been extended and expanded!  Now, eligible existing home owners may also qualify for a tax credit of up to $6,500!  It’s the right time, right now, to sell your current home and to buy a new home.

NEW $6,500 Tax Credit for Current Home Owners*

  • Eligible home buyers must have lived in their current home for 5 consecutive years of the past 8 years.
  • The new home does not have to cost more than the old home.
  • Eligible for homes with purchase agreements written by April 30, 2010, and that close before June 30, 2010.
  • Annual income caps to qualify for the full tax credit apply: $125K for single filers and $225 for joint filers.  Partial tax credit can be granted for incomes up to $145K for single filers and $245K for joint filers.

The $8,000 First-Time Homebuyer Tax Credit is Extended!

  • Now, qualified first-time home buyers will qualify to receive their $8,000 tax credit if they sign a purchase contract by April 30, 2010, and close by June 30, 2010.
  • The home purchased must be their primary residence.
  • Qualified buyers cannot have owned a home during the past three years.
  • Tax credit is up to 10% of the home value (not to exceed $8,000).
  • Annual income caps to qualify for the tax credit have increased:  $125K for single filers and $225K for joint filers.  Partial tax credit can be granted for incomes up to $145K for single filers and $245K for joint filers.

For more information on these tax credit opportunities and to view our exclusive Tax Credit Informational video, visit the Home Buyer Tax Credit section of Roxanne.ReeceandNichols.com.

*If you have doubts as to your eligibility for either of these tax credits, please consult a certified public accountant.

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