North And Northwest of Chicago Real Estate

Tax Credit Extended: Here's How it Works ~ Video

The Homebuyer Assistance and Improvement Act of 2010 was signed into law July 2 extending the deadline for closing tax credit eligible transactions to September 30.

 

FIRST-TIME BUYERS who have not had interest in a principal residence for three years are still eligible, and the maximum amount remains the same $8,000 (or $4,000 for married couples filing separately).

LONG-TIME HOMEOWNERS may be eligible to claim the homebuyer credit if they meet certain criteria and can show they owned their primary residence for a consecutive five-year period during the eight years ending on the date the new home is purchased. The long-time homeowner tax credit is up to $6,500 (or $3,250 for married couples filing separately).

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 Haris Dedic, Realtor®, SFR, SRES

With RE/MAX Villager

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Comment balloon 2 commentsHaris Dedic • July 12 2010 01:00PM
Tax Credit Extended: Here's How it Works ~ Video
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