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THE FEDERAL HOMEBUYERS TAX CREDIT HAS BEEN EXTENDED AND EXPANDED The extended Federal tax credit for first-time homebuyers remains 10% of sales price up to $8,000 The new Federal tax credit for move-up homebuyers, who have used their previous home as a principal residence for five of the previous eight years is $6,500 The income level to qualify is $125,000 for single filers or $250,000 for joint filers The maximum eligible home price has been increased to $800,000 The Federal tax credit runs from December 1, 2009 to April 30, 2010 Sales contracts signed as of April 30, 2010 must close by June 30, 2010 *Contact your tax advisor for full details.   Further Details about this and other bills signed into law today in the Washington Post article
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