Buyer Tax Credit May be Expanded and Extended

Senators agreed Wednesday to extend the current tax credit for First Time Home Buyers while offering a reduced credit for repeat buyers who have owned their home for at least 5 years. Although this bill has not been finalized yet, here are the details of what is expected to pass:

• First Time Home Buyers can receive a tax credit of up to $8,000 if they have not owned a home in the last 3 years.
  
• Repeat buyers can receive a tax credit of up to $6,500 if they are purchasing another primary residence and have owned their current home for at least 5 years.
  

In both cases, the sales agreement must be executed by April 30, 2010 and the transaction must close by June 30,2010.

Lizzie Padro & Co. specializes in marketing and selling South Florida Real Estate. Please contact us if we can be of assistance with any of your Real Estate needs.

Michelle Beyer
Realtor Associate
Lizzie Padro & Company
(786) 326-4430
michelle.beyer@floridamoves.com

As more details become available, we will be sure to get those to you!