John's Florida Real Estate Blog

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Internal Revenue Service Offers More Info Concerning Extended/Expanded Home Buyer Tax Credit

IRS Logo As I reported earlier, the federal government has extended and expanded the popular tax credit that exists for many home buyers. Way back when, it was really just a no-interest second mortgage.

Then it was changed last year into a true tax credit where first-time home buyers could get up to an $8,500 tax credit. Sweet! Some states and counties even worked it out so you could use this as part of the down payment. For the purposes of the tax credit, "first-time" meant anyone who had not owned a home in the past 3 years. This credit was due to expire at the end of November 2009.

Now, not only has this credit been extended into 2010, but it now embraces many people who currently own a home and want to buy a different one. There are limitations of course, but it does make the money available to a much wider spectrum of Americans.

To read more about this you can visit the Internal Revenue Site by: CLICKING HERE

Or the National Association of REALTORs Site by: CLICKING HERE

If I can assist you further, call me at: 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com

John Elwell - REALTOR

CENTURY 21

Bill Nye Realty, Inc.

813-783-4444

Licensed in Florida

 

Comment balloon 1 commentJohn Elwell • December 07 2009 06:18PM

Comments

Hi John~ All I know is that my daughter is very excited aboiut it being extended.  Hopefully she will find just the right home for just the right price and make it her very first home.  So, a first time homeowner can get up to $8500?  ( I was thinking it was $8,000) 

Posted by Vickie McCartney, Broker, Real Estate Agent Owensboro KY (Maverick Realty) almost 10 years ago

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