$8,000 and the $6,500 Federal Tax Credit programs expire April 30, 2010
Boise Real Estate home buyers and the entire Treasure Valley was recently informed about the extension of the $8,000 Federal Tax Credit and the new $6,500 credit for home sellers. It has now been extended through the end of June, 2010. Idaho homebuyers must sign a real estate purchase and sale contract before April 30, 2010 and close by June, 2010. The income limits have now been raised: Single buyers can now earn up to $125,000 and still get the full credit while married couples can earn a maximum of $225,000.
The new current bill also makes more homeowners eligible to claim the credit on their income taxes. Idaho First-time buyers, those who have not owned a home in the past three years as defined by HUD still qualify for an $8,000 rebate. Now, those who want to trade up also qualify. Those who have owned a home and have occupied it as their primary residence for at least five years out of the last eight can claim a $6,500 tax credit if they close on a new purchase by the end of June, 2010.
The expansion of the tax credit comes as a big surprise and gives many more the opportunity to take advantage of the great home prices seen in the Boise Idaho Real Estate market. With interest rates sitting at amazingly low rates there has rarely been a better time to buy a home.
If you have any questions regarding the tax credit program please contact your CPA or real estate attorney. If you dont' have a CPA or real estate attorney let me know and I will give you some great names.
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