Update: First Time Homebuyer’s Tax Credit

There is the potential for some really good news for those of you that are still wanting to purchase a new home. Early next week the U.S. Senate will be voting on an amendment that would extend the first-time homebuyer tax credit. If passed, the Dodd-Lieberman-Isakson amendment will:

• Provide the $8,000 tax credit to any buyer (not just first time).
• Set income limits at $150,000/$300,000 for single/married buyers.
• Make the credit available until June 30, 2010.

Those of you that already own a home can benefit if this amendment passes. You will be able to take advantage of the current housing prices & low interest rates to possibly move into a home that better suits your family. Under the provissions of this proposed amendement, you will now be able to take advantage of the First Time Homebuyer’s Credit! Those of you that have been contemplating buying your first home may have an extra window of time to make it happen!

You can rest assured that we will be keeping a pulse on this one and will be passing on any new developments to you as soon as we get word.

E-File Florida is uniquely positioned to help taxpayers/homebuyers through the maze of purchasing their new home and applying for the First Time Homebuyer’s Credit. We are licensed in real estate as well as income taxes. Feel free to call or email us with any questions you may have. We are here to serve YOU.

IRS CIRCULAR 230 Required Notice – IRS regulations require that we inform you as follows: Any Federal tax advice contained in this communication (including any attachments) is not intended to be used and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction as tax related matter(s).