November 5, 2009
Congress is giving home buyers a $6,500 tax break!
First-time home buyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. The program that was scheduled to expire at the end of November, the Senate voted Wednesday to extend and expand the tax credit to include many buyers who already currently own homes. The House could vote on the bill as early as Thursday.
Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time home buyers — or anyone who hasn’t owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.