Present rules necessitate that both spouses have identical histories of ownership to be able to get the tax credit. This requirement does not apply to couples who are not married, thus in essence inflicting a penalty upon home purchasers who are married.
Currently, there is a Federal tax credit for up to eight thousand dollars available to buyers who are qualified and who are purchasing their first homes, which they will use as their primary residence. Also, a tax credit of up to six thousand five hundred dollars is available to buyers who have been homeowners for 5 straight years out of the preceding 8 years. These tax credits will no longer be available after the end of next month. In order to get the credits, the qualified buyers would have to be in a valid, signed purchase contract by April 30, with a closing date of no later than June 30, 2010.
A Bill that has been introduced in the House of Representatives would provide that married couples who file a joint income tax return would qualify for the credit that they are seeking, despite the fact that one spouse is not presently eligible. However, they would be able to qualify for only up to four thousand dollars, rather than the entire eight thousand dollar tax credit.
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