15000 Tax Credit

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The $15000 tax credit is an exciting bill but it’s not made into a law yet and it still has to be be made into law by the President. The bill only passed the Senate but it has to be signed by the House too and terms can still change and homebuyers should still follow the News for update. www.irs.gov/newsroom/article/0,,id=186831,00.html. is a website that you can inquire more about the $7500 credit that has been passed for first time homebuyers but we still have to wait for the $15000 bill to be made into law by the president and then we can apply for the credit.

They don’t know the income limit that would apply to this credit bill yet or any retroactive action can be taking on the bill. You would need to wait for the final law to be passed and also wait for the law to pass and then buy if you want this credit. If you have bought with the $7500 you would have to consult your agent about how you would benefit and if you can benefit from the new credit bill. You should wait until the bill is passed and then buy your home.

If you’re confused you can call up your agent and ask them specific questions about your current situation and needs. The $15000 tax credit is a credit that you can write off on your tax if you purchase a home within one year of the date that the law will pass. You do need to live in the house you buy for up to two years as your main home so investment homes doesn’t applied.


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