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In case you haven’t heard, Congress has extended and expanded the home buyers tax credit. First-time buyers are still eligible for as much as $8,000, and now buyers who have lived in their current homes for at least five years can get $6,500. The income caps for both credits have been raised to $125,000 for individuals and $225,000 for couples filing jointly. Contracts have to be written by April 30, 2010, and closed by June 30.
We’ve reported recently about developments that have credited their recent sales increases to the tax credit. Let’s see if that momentum is maintained.
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Are there any tax credits for those of us who were fortunate enough to buy at the peak of the market? We bought about 3.5 years ago and are pretty much stuck. Can’t refi, can’t modify, & can’t sell…. just thought you Realtors (and others) may have some advice or thoughts on this.
Thanks,
Cg