
The government has not only extended the first time home buyers tax credit but also introduced a $6,500 credit for current homeowners, according to
FiLife.
To apply for the new tax credit, current homeowners must have lived in the same place of residence for any of the five consecutive years within the past eight years.
The tax credit for the first time home buyers is based on ten percent of the purchase price. For example, if you buy a home for $800,000 – you’ll be eligible for the full credit but homes over that price will not qualify.
Read the full article at
FiLife, by clicking
here