Home Buyer Tax Credit could be extended

Congress is working on a plan to extend and expand the home buyer tax credit which will cost taxpayers $10.8 billion dollars. More details include:

• $8,000 tax credit is available for first-time buyers or those who have not owned a home for 3 years.
• Homeowners who buy a new principal residence after living in their current home for at least the last five years can claim up to $6,500.
• Credit is available for homes that go under contract by April 30, 2010 and close within 60 days after that
• Income limits are $125,000 a year for individuals and $225,000 a year for married couples.
• The plan will include anti-fraud measures such as minimum age requirements and additional authorities for the IRS

If you are a first-time homeowner, don’t wait for Congress to act.  Take advantage of the current home buyer tax credit today!  Call me at 602-904-1496 for your real estate needs.