Homebuyer Credit Updated - I Don't Get It!

By Heather, CPA (Balance with Purpose)

What I mean is, I understand it, but I DON’T GET IT! So, I’ve got my own proposed legislation.

Congress decided to extend the parameters of the First-time Homebuyers Tax Credit to allow more people to take advantage of the credit. 1) Homeowners who have lived in the same house for five of the last eight years may be eligible for up to a $6,500 tax credit by purchasing a new home. 2) The new law raised the income threshold, allowing more Americans to take advantage of the benefit. 3) The availability of the credit, set to expire at the end of 2009, has been extended to at least April 30, 2010.

Great, right? Not-so-fast!

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