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$8000 Tax Credit

Congress Extends Home Buyer Tax Credit

$8,000 tax credit is extended until April 30th for first-time home buyers.
A new $6,500 tax credit has been created for owners of existing homes who are purchasing a new principal residence.
Both categories of buyers would have until June 30th to close on the home after signing a contract prior to the April 30 deadline.
Both categories of home buyers would have new, higher income limits of $125,000 for individuals and $225,000 for couples.
Owners of existing homes must have resided in their primary residence for 5 consecutive years out of the last 8 in order to qualify for the credit.
Homes over the purchase price of $800,000 do not qualify.

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