Recently, Senators agreed to extend the first time homebuyers tax credit and offer a reduced credit to some repeat homebuyers. The tax credit provides up to $8,000 to first-time homebuyers and was set to expire at the end of November. Senators agreed to extend the existing tax credit for first-time homebuyers and offer a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years. We do not yet have the details but will keep you posted.
Tisha Black Chernine, Esq.
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