First time home buyers rejoice!!!!Congress has officially extended the deadline for the $8,000 first time home buyer tax credit to April 30, 2010. Under the extension, the deadline of April 30 refers to the contract date. This means that the 1st time buyer must have a sales contract on a house by April 30 2010 to be eligible, but he/she has an additional 60 days to close the purchase. This means that New Jersey first time home buyers have until June 30th, 2010 to close on their new homes to be eligible for the $8,000 first time buyer break – great news!!!
Who is eligible for the $8,000 credit? First-time home buyers and those who have not owned a primary residence in the last three years prior to the purchase.
Do income limits apply? Yes – and the income thresholds have increased from the last bill. The full amount of the credit is available to married couples who make up $250,000 per year (adjusted annual gross income) and single filers who make up to $125,000. See the official IRS website for more detail.
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I hope you have enjoyed this blog.
Until next time,
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