The New and Improved Tax Credit

Good news - The extension to the home buyer tax credit has been approved. Yesterday, the Senate voted 98-0 in favor of the tax credit extension. It is up to the President now to put his signature on the bill for approval. The tax credit is $8000.00 for first time home owners and has been extended to June 30, 2010. Purchase offers must be in by April 30 with a closing date of no later than June 30.

Better news - The new bill has been expanded to include existing home owners. Those who have owned a home for at least 5 years can receive a tax credit of up to $6,500 when they purchase their next home. There are income limitations of $125,000 for singles and $225,000 for joint filers. The maximum purchase price of a home is $800,000 and vacation homes do not qualify. The same date deadlines above will apply.

Smart Move Design is a Home Staging and Redesign company located near Syracuse, NY and serves the Central and Northern New York areas.