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...