All potential homebuyers in New Mexico and across the nation have reason to be hopeful.The Senate unanimously approved the extension of the first-time homebuyer’s tax credit and Congress voted 403-12 to pass the bill which is now before President Obama for signature. He is expected to sign the bill within a day or two.
The tax credit of $8,000 that was scheduled to expire at the end of this month is now extended to April 30, 2010 and in addition, creates a $6,500 credit for existing property owners who sell a home and buy another during the same period of time. Current homeowners must have been living in their current residence for five consecutive years.
Qualifying income limits are now up to $125,000 from $75,000 for single taxpayers and for joint taxpayers, $225,000 (up from $150,000).
Military personnel deployed overseas for a minimum of 90 days in 2008 or 2009 have until April 30, 2011 to claim their tax credit.
Read more from the National Asociation of Realtors.
Eloise Gift
Gift Realty N M
(505) 363-5156
2 comments:
Would be great to see New Mexicans taking advantage of the tax credits!
Aaron, Thanks for commenting.
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