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Not new news...but wanted to make anyone who had questions about whether they qualify can find it one place!They've extended the $8,000 home buyer tax credit to May 1, 2010 for first-time buyers. And they've added a $6,500 tax credit for buyers who have lived in their current home for five of the past eight years. The limit on the sales prices is $800,000.Income limits have been increased to $125,000 for individuals and $225,000 for joint filers. Incomes above these limits up to $145,000 for individuals and $245,000 for joint filers still qualify for reduced credits. As long as buyers have ratified contracts in place by April 30, they will have an additional 60 days to complete their purchase. Deadlines for our military who are deployed or overseas for at least 90 days between Jan. 1, 2009, and May 1, 2010, have been extended by one year!The credit can be claimed by taxpayers on their federal taxes of course. This is not just a deduction...if you're owed money, the government will issue you a check. Taxpayers will be able to claim the credit on their 2009 income tax return for purchases made in 2010. More on the tax credit at http://www.flemingsrealestate.com/Buyer_Tax_Credit/page_2299688.html
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