$8,000 Tax Credit News
February 1, 2010 by admin
Filed under Real Estate
The popular $8,000 tax credit for first-time home buyers. Originally scheduled to expire on November 30th, 2009, this valuable tax credit of up to 10% of the purchase price or up to $8,000 was extended into 2010 (purchase agreements must be signed by April 30, 2010, and closings must be final by June 30, 2010).
What people don’t know is that the new program was also expanded to include a tax credit of up to $6,500 (or up to 10% of the purchase price) for qualified buyers of a second or “replacement” home under the same deadlines. To qualify, home purchasers must have owned and occupied a primary residence for five consecutive years during the last eight years. Most importantly, the new program significantly increases previous income requirements.
So if you are a first time homebuyer or looking to upgrade your home by buying another one, the tax credit will apply. Give me a call to talk about what options you may have.
Jeannette Neerpat
Helping You Find Your Way Home!
