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NEWS:

About the First-Time Home Buyer Tax Credit

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010 . However, in cases where a binding sales contract is signed by April 30, 2010 , a home purchase completed by June 30, 2010 will qualify.

For sales occurring after November 6, 2009 , the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.

The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009 , are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.

For more information, give me a call at 801-898-0680.

Related Articles:
FHA Updates Rules on 2009 Tax Credit and FHA Loan Down Payments
$8000 Homebuyer Tax Credit