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Tax Credit Tentatively Extended

According to the Wall Street Journal, some key lawmakers in the Senate tentatively agreed to extend the $8,000 first-time home buyer tax credit and also offer a new $6,500 tax credit for existing homeowners who have lived in their current residence for a consecutive five-year period in the previous eight years. Buyers must have a home under contract by April 30th 2010, and close by July 1, 2010. Some representatives have expressed concern about the total cost of the tax credit for the government, and allegations of abuse have resulted in IRS probes.

This means that we will most likely see a surge in Boston real estate contracts in the early spring market of 2010, similar to the most recent uptick (due to the previous tax credit deadline).

One thought on “Tax Credit Tentatively Extended

  1. Tax credit extended would be a great news for real estate.

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