Home buyers extended tax credit—good news

November 7, 11:26 AMSan Antonio Personal Finance ExaminerRosemary Terpolilli

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The approval for extending the tax credit for home buyers has been signed into law by the President this week.

This credit will originally introduced in 2008 to allow first time homebuyers to have a tax credit of $8000 and this now has an extension to April 30, 2010.

It was initially limited to first-time home buyers but is now also available for existing home buyers who have owned a home for at least five years and could get a credit of $6500 when buying a new home.

The income eligibility limits have also been expanded to quality more people. So for home buyers with a single tax filing status and an income over $125,000, the credit is phased out. And for married status with income over $225,000 the credit is phased out.

Hopefully, this will bring relief to the housing market. But of course, getting some relief on the employment side of the economy is much needed at this time.

Can’t buy a home, if you don’t have a job.

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