tax credit

Homebuyer Tax Credit Extended and Expanded

Posted November 7, 2009 - 08:00 by Xin Lu

Taxes, Real Estate and Housing

A couple months ago I wrote about the pros and cons of extending and expanding the popular first time homebuyer tax credit which was due to expire on November 30th, 2009. I wrote that there was a good chance that Congress would extend the credit regardless of the costs. Sure enough, this week Congress has approved an extension and expansion of the credit. Here are some details on the changes.

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$8000 housing tax credit can now be turned into cash at closing according to FHA

Posted June 9, 2009 - 20:38 by Xin Lu

Personal Finance, Taxes, Real Estate and Housing, Consumer Affairs

As part of the Obama stimulus plan passed in January, first time home buyers in 2009 are entitled to a tax credit of up to $8000 that they do not have to repay. This tax credit was supposed to be given to the taxpayer after they file their 2009 taxes in 2010, but it seems that a new set of FHA guidelines is allowing many to take the money during closing. Here are some of the details.

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