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Senate Approves Tax Credit Extension!

Yesterday the Senate passed legislation to extend the $8,000 first-time homebuyer tax credit to May 1st, 2010.  It also will allow a $6,500 tax credit for repeat buyers if they’ve lived in their home  for 5 of the past 8 years.  The home price cap is at $800,000.

Under the bill, income limits are expanded to $125,000 for individuals and $225,000 for joint filers.  Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.

As long as the contract is in place by April 30th, home buyers will be allowed an additional 60 days to complete your transaction.

Taxpayers can claim the credit on their federal income tax returns.  If the credit exceeds their tax bill, the government will issue a check.  Taxpayers will be able to claim the credit on their 2009 income tax return for purchases made in 2010.

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