BREAKING NEWS- Real Estate Tax Credit To Be Extended

Harry Reid’s office just confirmed these details:<br /><br />1) Sen Isakson, Dodd, Lieberman have agreed, and Senate Finance <br />[Baucus and tax staff] have agreed to this credit extension and <br />expansion:<br />2) For first time homebuyers, the income level to qualify is $ <br />75,000/150,000<br />3) For step up buyers the income level to qualify is $ 125,000/250,000<br />4) For step up buyers, they must have been residing in their primary <br />residence for 5 years<br />5) The credit is 10% of the sales price, with a maximum of $ 7290.<br />6) The credit runs from Dec. 1, 2009 to April 30, 2010.<br />7) For legitimate sales contracts as of April 30, 2010 you have 60 <br />days to close.<br />8) There is a waiver for military.<br />9) This will be added to the Unemployment Insurance bill. It will <br />then go to the House.

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