Home-buyer Tax Credit to be Extended and Expanded

Home-buyer Tax Credit to be Extended and Expanded

On Friday, November 7, 2009 it will be official when President Barack Obama signs a bill that extends and expands the home-buyers tax credit.

The bill extends the current $8,000 tax credit for first time home buyers that was set to end November 30, 2009 to April 30, 2010. It expands the tax credit to all homeowners who have lived in their current residence for at least five years.

The maximum of credit for these buyers will be $6,500. Income levels will also be extended from the current limits of $75,000 for a single purchaser and $150,000 for couples to $125,000 and $225,000 respectively. Above those limits there are diminishing credits available.

I will keep you posted once it becomes official!