Potential Tax Credit Extension

There has been speculation and rumblings about the potential tax credit extension so I thought I would post an update on what I know as of today.

If you would rather watch the 6 minute video from the Minnesota Association of Realtors click here.

In case you would rather take a couple of minutes to read, here is my brief recap:

Legislation would:

• Extend current 1st time home buyer tax credit of $8,000 from December 1st, 2009 thru April 30th, 2010.
• Expand tax credit to anyone who has lived in their home for at least 5 years in the amount of $6250 also thru April 30th, 2010.
• The extention and expansion listed above would require contracts (purchase agreements) to be on a home by April 30th, 2010 with a closing date within 60 days of the 30th of April.

Remember, the extension and expansion above has not yet passed but it looks like it is well on its way.  Stay tuned for updates right here at NewmansNeighborhood as they become available.

Have a great week!