Tax Credit for Home Buyers

The US House of Representatives has approved extending the 8-thousand dollar tax credit for first time home buyers. And, now the house wants to give current homeowners who want to buy a different house a 65-hundred dollar tax credit. To qualify, home owners must have lived in their current place for 5 or more years. Hinchey says, This is something that is going to continue to be helpful for the economic circumstances here and it's also going to very helpful for people who want to buy a home, buy a new home or just one for the first time. Another measure the house has approved is that military personnel who are trying to sell a home that has declined in value will be exempt from paying tax on the sale. The senate still has to approve similar measures.

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