In a little over 20 days the $8000 tax credit for first-time home buys will expire. The credit originally due to expire November 30, 2009 was extended through April 30, 2010, with closing until June 30, 2010. The credit was also expanded to incorporated more buyers. If you’re in the market for a new home, make sure you have all of the details on the tax credit.
Details on Tax Credit:
• The $8000 tax credit for first-time homebuyers ends for buyers April 30, 2010 (the contract must be signed before that time and closing can occur until June 30, 2010).
• A $6500 tax credit offered to homeowners who have lived in their current residence at least five years and who want to “upgrade” (buy a new primary residence, they are not required to sell their previous home as long it does not serve as the primary residence).
• Couples earning as much as $225,000 a year and individuals earning up to $125,000 qualify.
• Tax credit is only available for homebuyers purchasing homes less than $800,000.
• If you sell your new home or stop using it as your main residence within three years you will have to repay the credit.
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