March 02, 2010
Less than 60 days left to write your offer!!
The expiration of the tax credits are fast approaching but there’s still time to find your new home. Your offer needs to be accepted by April 30, 2010 and close no later than June 30, 2010.
In addition to the first time home buyer credit which allows up to an $8,000 tax credit, there is a new “move-up” buyers program. If you’ve lived in your home for 5 of the last 8 years and plan to buy a new primary home, you may meet the IRS requirements.
Move-up buyers are capped at a total tax credit of $6,500. The income thresholds are $125,000 for single-filers and $225,000 for joint-filers. The property you purchase can not exceed $800,000.
The complete list of qualifying criteria is posted on the IRS website. Review with your tax professional to determine your eligibility.
And lastly, don’t forget that the program is a true tax credit - not a deduction.
I’d love to help you find a new home. Give me a call so we can get started…before time runs out.
Posted by:
Debbie Cobian
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first time buyer tax credit,
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