Home Buyer Tax Credit is Extended and also includes Move-up Home buyers
On Nov. 6 new legislation was past to extend the first time home buyer tax credit until April 30Th, 2010. Home buyers must enter into a legal binding contract before then and close on their home before June 30, 2010. The tax credit is still $8,000 for first time home buyers.
For the first time, long-time homeowners who buy a replacement principal residence may also claim a home buyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased.
For more information click on this IRS LINK.
Good day