2010 Homebuyer Tax Credit
Who Can Qualify - First-time home buyers, who have not owned a residence during the three years prior can qualify for up to a maximum $8,000 in a tax credit. Existing homeowners, who have owned their current home for al least five consecutive years, can qualify for up to $6,500 in tax credits.
Deadlines/Guidelines - Close on your home purchase prior to April 30, 2010 or have a binding written contract by April 30, 2010. Purchases closed after that date will NOT be eligible for the home buyer tax credit. You can apply the credit to your 2009 tax return, filed on or before April 15, 2010. Or, apply the credit on your 2010 return, filed on or before April 15, 2011.
Must The Homebuyer Tax Credit Be Repaid? - There is no repayment required on the Extended Home buyer Tax Credit program if you occupy the home for three years or more; but should you sell prior to that time the full amount of the credit will be recouped on the sale.
Attention Move-Up Buyers - While beneficial for first-time homebuyers, this Extended Tax Credit program is a coup for would-be move-up buyers. With inventory shrinking, it's a great time to list/sell your home and free-up your equity while being able to take advantage of affordably purchasing your next home at low-level market prices---with money back from Uncle Sam.
It is unlikely that we will see market conditions, and tax credits, like these again anytime soon, so "Get Moving Today!"
Call Karen at 425-308-3669 or mailto: karen@karensvillas.com with questions.