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Just as Congress approved a three-month closing-date extension for first-time buyers applying for federal tax credits -- a program responsible for big spikes in home sales this spring ...
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x MCC Credit: 30% = Total Credit: $3579; Because the total credit in this example exceeds the IRS limit of $2000, the homebuyer would report a $2000 credit on their tax return. The buyer may continue to receive a tax credit for as long as they live in the home and retain the mortgage.
Recognizing the financial pain felt by millions of working families, President Biden has proposed a $10,000 tax credit for first-time homebuyers and people who sell their starter homes.
California lawmakers hope a new plan to extend a $10,000 tax credit to first-time buyers and those purchasing new homes will help jumpstart the state's lagging housing market, as well as work to ...
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related to: tax credit for homebuyers extension request california