Homebuyer Tax Credit Extension
Senate leaders have also agreed on extending the $8,000 first-time homebuyer tax credit, as well as a $6,500 tax credit for so-called “move-up buyers.”
The tax credit would be extended from its current expiration date of November 30 through to April 30, 2010 and give home buyers with a binding contract an extra 60 days to close.
The first-time homebuyer tax credit extension also comes with higher income eligibility limits, $125,000 for single filers and $225,000 for joint filers, up from $75,000 and $150,000, respectively.
The “move-up tax credit” applies to current homeowners who have used their current property as a primary residence for five of the previous eight years.
Tags: $8, 000 Tax Credit extended, Khrystyna Chorna, San Diego Downtown Condos, San Diego Real Estate
