With all the work the National Association of Realtors is doing to get the word out on the home-buyer tax credit changes, I'm surprised to talk to current homeowners every day who have no idea they qualify for up to $6500 in a tax credit if they purchase a new home before the end of June 2010.
Now there's an attractive incentive to move to a new home! I wish Uncle Sam had been so generous when I moved to my current home back in '04. Now, there is that newer model with the pool and state-of-the-art office that I have been eying down the street! Perhaps I need to be talking with my accountant and lender . . .
- So what are the rules for the tax credit? Simple really:
- You must have owned your current home for five consecutive years of the past eight years.
You must have a contract on your new home in place by April 30, 2010.
Single tax filers who earn up to $125,000 are eligible for the full tax credit, as are joint filers who earn up to $225,000.
The maximum purchase price to qualify for the tax credit is $8,000.
Think you qualify? Get in touch and we will walk you through the details and get you down the road to a new home before the deadline passes!
