DO  YOU  QUALIFY FOR THE NEW TAX CREDIT??  

 As of November 6^th, the President extended the expiration date for the tax credit to April 30, 2010.

DO YOU QUALIFY??

First  Time  Home  Buyers   qualify  who  purchase  homes  between  November 7, 2009 and  April 30, 2010.   To qualify as a first time home buyer,  the purchaser or his/her spouse may not have owned   a residence  for  three  years  prior  to this  purchase.  The Maximum tax credit is  $8,000.

Current Home Owners purchasing  a home during the same time period who has used the home being sold  or  vacated  as a principal  residence   for  five  consecutive  years  within  the  last  eight.  The Maximum Tax Credit for current  home owners is $6,500

 Buyers income cannot exceed   $125,000 for a single person and  $225,000 for a married couple.  Buyers exceeding these limits - up to $145,000(single) and $245,000(married couple)   still may qualify but  the tax credit amount  decreases.

Consult with your tax specialist  for any specific  questions  or call the Internal   Revenue Service at 1-800-829-1040.

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