Fri, 10/30/2009 - 2:23pm
Â In the event you have not heard yet, the National Association of Realtors also known as NAR will update the citizens as to the latest news if the $8,000 tax credit will be extended. The National Association of Realtors will be monitoring the progress and any potential changes to the bill.Â NAR will send out a notice when the vote is in.Â The extended Tax Credit includes the following provisions: $8,000 to First Time Home Buyers $6,500 to Repeat Purchasers of Homes.Â Must have used previous home as a principal residence 5 of the 8 previous years. Income Limits:Â $125,000 for single filers and $225,000 for joint filers. Same for first time buyers and repeat buyers. $800,000 Limitation on cost purchased for a home. Time Frame; December 1, 2009 to April 30th 2010 plus a 60 day extension if binding contract is in place by April 30th, 2010. Also, Anti Fraud Measures have been added as well.Â It is looking promising the $8,000 tax credit bill may be extended!