On Wednesday, Nov 4, the U.S. voted 98-0 to pass the expanded Homebuyer Tax Credit and yesterday, the House voted 403-12 in favor of it as well. The extended and expanded bill now goes to President Obama for his signature. Among the bill's provisions, it will:
- extend the $8,000 first time homebuyer tax credit through April 30;
- create an additional $6,500 tax credit for current homeowners who have lived in their property for 5 consecutive years out of the past 8 (they must sell that home too);
- require proper documentation (aka proof) that they purchased a home on their federal tax filings.
For details, check out this summary of the tax credit changes on my Google Docs.
I've also posted a FAQ summarizing homebuyer tax credit changes for those who have further questions.
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Casey Bui, MPA
Managing Broker,
Residential Real Estate Division
Rockwell Realty
(206) 234-5611
caseybui@gmail.com
